Here's the first excerpt from 'The Kenny Lewis Dairies'. 'Kenny' is the fictional head of Bank of America / Merrill Lynch.
Here's a note of our most popular Life stories in February:
Here's Citi CEO Vikram Pandit's latest missive to staff:
Reuters reports that Bank of America has revealed in its 2008 annual report that it is carrying loans on its balance sheet marked at $44bn above fair market value. The bank says that it is to hold the loans to maturity. BofA stock fell 25% in New York trading Friday.
Merrill Lynch has denied a report that the firm's London-based staff are now being charged extra if they want a polystyrene bowl with their morning cereal.
Lord Myners, the City Minister, was asked to call former Royal Bank of Scotland CEO Sir Fred Goodwin, to try and get him to give up some, or all, of his $24m pension pot. Sir Fred took the call, thought about it, and then wrote to the minister telling him to sod off.
An emotional, ill-thought out letter sent to Northern Trust CEO Frederick Waddell by Barney Frank, Chairman of the House Financial Services Committee, on the subject of The Northern Trust Open got the response it deserved. Waddell simply told Frank (politely) to get back in his crib, and get his facts straight.
We asked you if former Royal Bank of Scotland CEO Fred Goodwin should give up some, or all, or his $981,000-a-year pension. Here's the results of our quick poll:
As the US government confirmed Friday that it is to take a 36% equity stake in Citi by agreeing to convert up to $25bn of its preferred stock into common, and the firm's shares fell 40%, here's what the smart money had to say about the deal:
Friday - 'Citi today announced it will issue common stock in exchange for preferred securities, which will substantially increase its tangible common equity (TCE) without any additional U.S. government investment. The transaction is intended to build Citi's TCE to a level that removes uncertainty and restores investor confidence in the company.