Thursday, January 15, 2009

Ken Lewis gets a "loan modification" for Merrill Lynch

Does anybody care how Ken Lewis of BAC has just destroyed this company? How he has harmed shareholders, and the elderly that held the stock, depending on the dividend? Does anybody care how he misrepresented the financial state of this institution, while the ship sunk?

And now, after taking $25 billion of TARP money from taxpayers, how many mortgages has he modified? One year ago, Ken Lewis said that BAC would make $4 this year, and that the dividend is safe.

Was his dividend promise any good? BAC cut their $2.56 dividend in half to $1.28, and now, the next step is cutting it to a nickel.

BofA supposedly was one of Geithner's "healthy" institutions. Now we have the triumvirate of Treasury, the FDIC, and the Federal Reserve helping Ken Lewis paper over his mistakes with more TARP money.

Homeowners stuck with an upside down mortgage from Countrywide or BAC, can't get a modification to save their life. But now Ken Lewis, wants more TARP money from the taxpayer to pay for his Merrill Lynch acquisition, and it hasn't even been 30 days since this acquisition has been closed.

In mortgage speak, Ken Lewis is a first payment defaulter! And now he gets a "loan modification" on his Merrill purchase, yet he won't help a borrower that wants to stay in their home!

We've all seen BAC's "Morning in America" ads. Maybe it's time to look at one "modified!"

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