Video: Ken Lewis on Stress Tests
Wah, F*&%*ing, Wah: Mack Whines Execs Leave Because of TARP Pay Restrictions
Bloomberg is reporting today on the remarks being made by Morgan Stanley and Bank of America CEOs to their shareholder conferences.
According to the story, John Mack, CEO of Morgan, and Kenneth Lewis, CEO of BofA, have this to say:
“I had a hedge fund say to me, ‘I can hire anyone I want from you and Goldman,’” Mack said at the bank’s annual meeting today in Purchase, New York, referring to rival Goldman Sachs Group Inc. Some units lost a dozen people, he said, without identifying them. Lewis, speaking at his annual shareholder gathering in Charlotte, North Carolina, also blamed the restrictions for departures.
“We have lost strong revenue generators over the past three months to competitors that are not facing the same compensation restrictions that we are,” Lewis said.
I believe the internet hipsters would say, “Call the Wahmbulance!”
Me thinks the CEOs protest too much. Guess what, guys? When you need my money to shore up the balance sheets at your banks, the very least you could do is limit your expenses. When the taxpayer is paid back with interest you can go back to your whiz kid schemes. Only next time, let’s hope the politicians in Washington let you die on the vine.
Save the “poor me” routine for your fellow travelers in the locker room at the country club.
