Tag: Too Big to Fail
Meet BofA’s new board
Bank of America is revamping its board of directors. A few of its current directors are bumping up against the retirement age of 72, so the bank has announced plans to add four new faces around the conference table to support President and CEO Brian Moynihan. The four new members are Sharon Allen, Linda Hudson, Jack Bovender and R. David Yost. What experience do they bring to the table? And are they good choices, or is BofA walking in JPMorgan’s unfortunate footsteps?
Sandy Weill finally reaches the ground floor
This happened seven days ago and I’m still agog.
Only the French could make head or tails of this. They have something called l’esprit de l’escalier or “staircase wit”. It’s the feeling you get when you think of exactly the right words to say in a conversation — but only after it’s over and you’ve already left. I.e. at the bottom of the staircase on your way out the door. Continue Reading
Why does it have to be so complex?
The last post on the Finance Addict looked at London’s role in many recent banking scandals and failures. (Is dangerous banking a new Olympic sport, one wonders?) As that post pointed out, many of these banks were actually not British yet they were ultimately undone by activities going on in their British subsidiaries.
A new paper by the Federal Reserve Bank of New York sheds more light on the incredibly complex bank organizational structures that sprung up after the repeal of the Glass-Steagall Act. Continue Reading
Citigroup CEO peers into his crystal ball
Citigroup has just released its earnings, and they look worse than they did a year ago. CEO Vikram Pandit was actually just in London, where he made a few interesting remarks during an interview with the Telegraph. Continue Reading
