Dick Bove is angry.
As we know, Bove loves of Bank of America.
And today he lets loose on everyone who he thinks brought down Ken Lewis, the man who built the biggest bank of America.
He targets his outrage against Congress, the SEC, a federal judge, Attorney Generals from New York and Ohio, who he says “have launched attacks against” against Lewis and whose “hue and cry” against the CEO made management of the bank impossible and eventually forced him to resign.
Bove credits Bank of America’s success to brilliance of Lewis, who he describes as as a “visionary and tactician.” The acquisitions of Countrywide Financial and Merrill Lynch were “strokes of genius.”
No other banker in this country can equal his achievements and yet every banker wishes s/he could. Yet despite his successes, he was torn from his post by politicians lacking any of Mr. Lewis’ skills and successes. One can only be amazed that our system of governance can be so flawed.
In terms of successors, Bove argues that it is expected to come from within the firm. He says that “bringing an outsider could harm the morale and performance of the organisation.” The frontrunners, he says are Brian Moynihan, who already runs a vast portfolio of banking operations, and home lending head Barbara Desoer.