THE MEANING OF "KEN"

BANZAI7 OPINION--Today Bank America announced that Ken "Screwless" Lewis will retire from his CEO position effective January 1, 2010. Earlier this year Lewis was forced to relinquish his position as Chairman.

Why is BAC attracting more regulatory and prosecutorial attention than its bailout doppelganger AIG? Afterall, BAC did not come within a hares breath of crashing the global financial system. Until poor old Ken got water boarded into closing the Merrill merger, he was actually seen as one of the good guys.

Notwithstanding, BAC is another poster child for everything that is wrong with our current "bailed out" financial system. Its Board allowed its CEO to bury sound business judgement in pursuit of personal ambition. A mega merger that would not have been possible under the good old Glass Steagall Act (RIP).

Kenny boy wanted to be a Wall Street hot shot and in the end got shot in the ass by bigger guns. For this his shareholder's have paid dearly.

BAC is still carrying a super duper boatload of dodgy assets. Who knows when the next shoe will drop.

Its management is in the unhappy position of owing its first duty of loyalty to who? the Fed?, bank regulators?, the SEC?, the depositors, the shareholders, Mario Cuomo?

Countless hours of management time are being wasted explaining how decisions were made under the clumsy advice of the hottest of hotshot Wall Street law firms. Those firms seem helpless and useless when it comes to unwinding the governance quagmire created by bailout economics.

At least one thing is certain, BAC is a full fledged member of the exclusive "systemic bomb" club and will be for a long time to come.

So what exactly is the meaning of Ken the Systemic Bomb maker?

if you wanna talk the talk...you better know how to walk the walk.





WOOLY BAILOUT BULLY
(Wooley Bully, Sam the Sham and the Pharoahs)
WilliamBanzai7

Uno, dos, one, two, tres, quatro
Kenny told Hank about a some things he saw.
Had two big horns, 2 big losses and a secret bonus drawer.
Was he bullied, was he bullied.
Was he bullied, was he bullied, was he bullied.
Hanky told Kenny, "Let's don't take no systemic chance.
Why not be eL-Wall Streeto big shoto, come and learn to dance."
Was he bullied, was he bullied
Was he bullied, wooly bully, wooly bully.
Mario told Kenny, "That's not a good thing to do.
Get some fancy pants lawyers to pull the shareholder wool with you."
Wooly bully, wooly bully.
Wooly bully, wooly bully, wooly bully.