Who is the least trustworthy C.E.O. on Wall Street?

With a quick edit they seem prescient:

Ken Lewis, Bank America: There’s “negative value in Countrywide.”

Ken Thompson, Wachovia: We’re in “a great market for shorts.”

Dick Fuld, Lehman Bros: “My wife is behind us.”

John Thain, Merrill Lynch: “We have tackled the problem, and it is us.”

Vikram Pandit, CitiGroup: We are “well-capitalized for a ponzi scheme.”

Kerry Killinger, Washington Mutual: “Profitability” in 2008 is laughable.

Some, of course, cannot be helped. And I still dig Mack the Knife.

Countrywide’s combined net losses for the 3 quarters ended 3/31/08 was $2.515 billion ($1.2B + .422B + .893B). The results for the qtr. ended 6/30/08 have not been disclosed yet and the merger with BOA was supposed to have been completed on 7/1/08. I read somewhere recently that Countrywide’s liabilities may exceed the fair market value of it’s assets. Wonder if Ken Lewis will still have his job at BOA on 12/31/08?

Now, if you’d post the annual salaries and bonuses, we’d see how much they get paid to not understand the fundamentals of the businesses they run.

Well, if you believe people on the basis of what they are saying, I almost feel sorry for you. Always look to what they are doing and particularly with there money. Like this one : http://www.thisislondon.co.uk/standard-business/article-23527415-details/What+are+the+pension+funds+trying+to+tell+us/article.do
The central bank leads the fight against inflation but their pension fund switches to inflation-linked stuff. Euh?

Wow, Sluggo is posting. Is that KROQ sluggo? We’ve gone punk rock. This must be some madness!

How much did these bozos earn last year?

Though I am not qualified enough to post on this blog in any sort of professional capacity, I do feel like I can somewhat comment in a comedic capacity. And let me just say, the moniker “The Man With A Tan” is without question the most perfect nickname any CEO has ever had the misfortune to receive.

I don’t understand how Angelo’s disgusting epidermis wasn’t the first thing mentioned whenever he was the subject of discussion. Rare is the man who has ever achieved that delicate combination of leathery, spotted and overtly cancerous skin without causing widespread mistrust. Honestly, how could you see complexion like that and buy into whatever operation he was running? Simply shocking. It simply reeks used car salesman. (I sincerely apologize to any used car salesman I have compared to Angelo Mozilo)

You people obviously don’t understand the job of a CEO (and most US executives for that matter). Let me enlighten you.

The purpose of a CEO is to manage the price of the stock (in the short term). My experience is executives will tell you just that, “…my job is to manage the price of the stock…” This is what they won’t tell you, to do their job they manage reported profits for next few quarters, and beyond maximizing the next few quarters reported profits, most don’t care about much else. The fact that financial instruments may (will) blow up years down the road is not their problem, they don’t get paid to worry about such things. They get paid to report good earnings, and hopefully (I doubt they will even admit this to themselves) they will be long gone before things blow. The long term is irrelevant, which is pretty much exactly how our government works and people like it that way or we wouldn’t have the government we have. Coincidentally by managing the stock price executives maximize their own wealth, through control of tens (even hundreds) of millions of dollars in stock options.

John Bogle (founder of Vanguard) wrote a book in 2005:

THE BATTLE FOR THE SOUL OF CAPITALISM. (HOW THE FINANCIAL SYSTEM UNDERMINED SOCIAL IDEALS, DAMAGED TRUST IN THE MARKETS, ROBBED INVESTORS OF TRILLIONS-AND WHAT TO DO ABOUT IT).

His main point in the book is that we have moved from ownership capitalism to managerial capitalism where companies are managed to maximize the personal wealth of management not the owners. It is a good read, and also very scary, but it is true and I see his point unfolding and no one is there to stop it as the US sinks (not so slowly) into the muck and we destroy the wealth our forefathers build up over the centuries.

So the actions of the CEOs are fully expected, and certainly not confined to the financial industry. Just look around you can see it everywhere (Ford and GM are also fine examples or the pharma industry with their selective reporting of drug research data), in fact our government has done a very good job of subtly promoting this kind of activity.

Just remember CEOs are doing exactly what they are paid to do. That helps a great deal in understanding these guys actions. After all people even executives do what they are paid/expected to do.

You can add Mudd and Syron to these clowns.

This is why there is a mute button on the TV remote, especially when the CEOs are on. Anything they might say is worthless.

You can use it for Dennis Kneale too.

The least trusted CEO on Wall Street is quite possibly happy Hank Paulson. His quotes since taking office are hilarious. Hank got to take advantage of this corrupt practice of taking profits on investments to accept a public appointment…. ….obviously put in place to lure the brilliant minds of private industry to serve our country. More commonly known as the criminal revolving door between corporate positions, lobbyists and government. So, how much did he cash in without paying taxes? I do believe at least $300 million without looking it up. He’s butt **cked the American people coming and going – first by being part of the current group of clowns that created this mess and now as the head cheerleader to save his cronies on Wall Street. Hallelujah! Praise the Lord!