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Idiot of the day: Dick Bove

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November 24, 2009 – Comments (3)

If you can't fill a CEO position for months, maybe it's because you didn't want to fill it? Here is one idiot who thinks it's impossible to find a good employee for "just" a 7-digit salary. It bears mentioning that Bove's employment criterion for the successful job applicant is hardly too demanding: you must be able to match the performance of Ken Lewis, i.e. bankrupt BAC but not to the very end, because taxpayers won't allow you to complete that last step even though you've tried. 

http://finance.yahoo.com/techticker/article/378115/Bank-of-America-Can%27t-Find-Anyone-Willing-to-Take-CEO-Job 

 

"Suddenly, it's the least attractive job in the country.

Bank of America has been searching for a new CEO for months, ever since battered Ken Lewis announced that he was stepping down.  But no one wants the job. 

Why not?

Because they'll have to listen to annoying government bureaucrats vilify them all day, says analyst Dick Bove of Rochdale Securities.  Because they'll be unable to hire top people because of pay constraints.  Because they'll be forced to chop up the company instead of reaping the rewards of scale.  Because they'll be limited to a pay package that would make the average dime-a-dozen Wall Street managing director go bitching to his boss about how he was being underpaid. All of which means, Bove says, that Bank of America's board once again looks incompetent.  It also means that Bank of America's departing CEO, Ken Lewis, is still the man for the job." 

3 Comments – Post Your Own

#1) On November 24, 2009 at 3:10 AM, whereaminow (30.78) wrote:

Nice!

 

 

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#2) On November 24, 2009 at 3:25 AM, awallejr (81.13) wrote:

I'd be happy to take the job.  I sure as hell can't do any worse than what Lewis did.  And as for this whole "too small pay compensation to keep top employees" argument many have been making.  That really is a load of manure trying to simply con the taxpayer.  I do recall it was these "top" people who created this mess to begin with. 

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#3) On November 24, 2009 at 7:34 AM, devoish (97.27) wrote:

Did he list the job on Craiglist?

President Obama listens to alot more vilifying than Ken Lewis for less than 7 figures. Kathleen Sebelius took some crap from Bent yesterday for $250k. You should hear what I think about Cheney.

If Ken Lewis wants the job, he can re-apply, but I'm not having a pity party for him or Dick Bove.

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