Comments on: Choosing BofA’s CEO http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: niket http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/comment-page-1/#comment-7741 Fri, 09 Oct 2009 01:18:15 +0000 http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/#comment-7741 With regard to Pandit – yes he and Shiela Bair may not be getting along. But Citibank was the first to pull the toxic stuff onto its balance sheet, (and may still be the only one), so it is likely it looks a lot worse than the others simply because it is not running a smoke and mirrors operation.

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By: KenG http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/comment-page-1/#comment-7503 Sat, 03 Oct 2009 18:18:10 +0000 http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/#comment-7503 The CEO of a large bank should be able to understand the complex financial instruments they deploy, or at least have the sense to not use things they don’t understand, just because “all the other banks are doing it and making money”, like loaning money to anybody who is breathing. Most of the people who ran banks that got into trouble had no idea what they were doing, and if they did, then they were guilty of fraud, instead of criminal negligence.

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By: John http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/comment-page-1/#comment-7388 Thu, 01 Oct 2009 13:55:09 +0000 http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/#comment-7388 Are you kidding me????

Sally was the CFO of Citi when they took all that risk and ultimately crashed and burned. She sat in many risk management committee meetings.

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By: hammer http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/comment-page-1/#comment-7383 Thu, 01 Oct 2009 13:36:11 +0000 http://blogs.reuters.com/felix-salmon/2009/09/30/choosing-bofas-ceo/#comment-7383 The last major bank put a CEO in place to mollify the regulators was Citibank. They place the inexperienced, never a CEO and never a banker Chuck Prince as the CEO. We all know what happened with that failed experiment.

Bank of America needs to find a interim CEO that can groom one of the internal candidates or find a permanent seasoned CEO. It seems to me a candidate like Richard Kovacevich the soon to be retiring chairman at Wells Fargo would be the ideal candidate. He is excellent on cost controls, risk management, focus and delivering results. His track record speaks for itself. What will pull BAC out of the doldrums is not “sucking” up to the regulators, but consistent delivery of results and expectations. Kovacevich would clearly be the best candidate. Now is not the time to turn over the reins to some inexperienced insider. There is too much at stake to let that happen.

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