It’s an effort by their CEO, Ken Lewis, to save his job, but it’s still a great move. The bankers there are, apparently, furious, especially in light of the Merrill Lynch bonuses paid out under the cover of night before BoA overpaid for Merrill.
From the Financial Times:
“This is going to cause an uproar,” says one BofA executive familiar with the matter. “There will be cash-flow issues for families.”
Oh, the bankers are furious. The money gained by destroying the economy and their business is all tied up in yachts and summer homes. Oh, the bankers. Quick, run and hide. The bankers are angry.
I have an idea. Why don’t the bankers quit? BoA is obviously not paying to retain top talent. So, top talent, go elsewhere.
Finally, someone, somewhere is being punished. I expect a lot more of this in the future. Prison, financial ruin, regular take-home pay. I hope these bankers have to send their kids to – horror – public school.