Good morning. We’ll start with some thoughts about B of A’s Ken Lewis stepping down. Plus, the junk and treasures of bank failures and some fun with The Onion:
His addiction to dealmaking did him in (Washington Post)
The company that Lewis built became the nation’s largest retail bank, largest retail brokerage, largest credit card issuer, largest mortgage lender — a company that by its own estimates did business with half of the American people. But some of its most profitable products, including credit cards; its business practices, including overdraft fees; and even its sheer size are under attack by legislators who believe the company must be changed.
No parachute for Bank of America’s Ken Lewis (Baltimore Sun) Well, sort of.
Banks have us flying blind on losses (Bloomberg) On the collapse of Georgia’s 2nd-largest bank last week:
How many other seemingly healthy multibillion-dollar community banks are out there waiting to implode? That’s impossible to know, which is what’s so unsettling about Georgian’s sudden downfall. Just when the conventional wisdom suggests the banking crisis might be under control, along comes a reality check that tells us we’re still flying blind.
The junk and treasures of bank failures (The Deal) Great little item about things that are auctioned off when banks fail. They include a Ferrari.
One year after the economic meltdown: patchwork nation (PBS NewsHour)
Are the Obamas out of touch with the miserable American family (The Onion)
Are The Obamas Out Of Touch With The Average Miserable American Family?