Yesterday BofA CEO Ken Lewis pushed his head of risk oversight, Amy Woods Brinkley, out of the lifeboat. When I first heard of this I just gave it the old Don Corleone "hand wave" (the one where they tell him in his hospital bed that Michael was the one who killed Sollozo and McCluskey). I figured, "Typical. Do anything to save your hide behavior." However, this morning in the New York Times I read this Bank of America Ousts Head of Risk Oversight. This is what "intrigues" me (From NYT);
Umm, the guy who bought the dual Exxon Valdez (Valdezs' plural?) of toxic securities and law-suits that has brought BofA to it's knees gets upped to Head of Risk Management Oversight? You think he would be the first person Kenny Lewis would have sh*t-canned when Merrill came up with another $15 billion of losses in Q4 2008! Countrywide? BofA had a lot of skin in that game before the purchase but still...they will be haunted by Countrywide's mortgage portfolio and mortgage servicing portfolio FOR YEARS! Countrywide will suck the life right out of them. Additionally, now that Angelo Mozilo and his henchmen are being tried by the SEC for securities fraud, namely that they lied to investors about their true financial condition....who was the biggest investor? BofA and Greg Curl! Talk about embarrassment!
At long last Mr. Lewis...at long last have you no shame?