Idiot of the day: Dick Bove
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.
"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.
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."