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Fire them

April 8, 2009 3:58 pm The Head Finance, Politics

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New letter from MoveOn.org

I say we can only see what is in those cooked books ONLY WHEN THOSE WHO CAUSED THE MESS ARE REMOVED FROM HIDING THOSE BOOKS.

They only stand in the way of a full investigation. As for paying them to stay, that’s absurd.
They broke it, want taxpayers to fix it before they will let the banks flow again.
They are the problem, not the solution. Fire them, claw back the bonuses, and lets get to the business of looking over what is buried in those toxic assets they want to sell the government.

okay now the letter:

Last week the Obama administration took tough, decisive action with the
auto industry, forcing the resignation of the CEO of General Motors.

The president knows that we can’t trust the same folks who got us into
this mess to help lead us out.

It’s time to do the same for the banks. And the best way to start is by
firing Bank of America CEO Ken Lewis. He’s the worst of the worst.

Lewis’s poor management helped ruin his company and our economy.
Shareholders are calling him “reckless” and citing “disastrous missteps.”1
Worse, Lewis accepted $45 billion in taxpayer bailout funds, but instead
of using all the money to get the economy going again, he let $3.6 billion
go to bonuses for top execs.2

There can’t be real reform on Wall Street until the CEOs who brought down
the banks we had to bail out are long gone.

Can you sign our petition asking Treasury Secretary Geithner replace the
leadership at bailed out banks–starting with Ken Lewis? Clicking here
adds your name:

http://pol.moveon.org/lewis//o.pl?id=15895-9659800-jPqmlRx&t

The petition says: “We can’t trust the same people who got us into this
financial mess to help lead us out. Replace the leadership at the
bailed-out banks, starting with Bank of America CEO Ken Lewis.”

Lewis is the CEO of the biggest bank in the United States.3 If Secretary
Geithner forces him to resign, it’ll send a strong message to the rest of
Wall St.: The era of zero accountability is over and reckless behavior
that puts our economy at risk won’t be tolerated.

Of all the folks who helped bring about the recession, Lewis is one of the
worst:

  * Shareholders say he helped drive the company into the ground. Bank of
    America has lost billions–and 90% of its value–in part because Lewis
    “hastily arranged the ill-considered acquisition” of Merrill Lynch.4
  * Even after the crisis, he hasn’t changed his ways. He ensured that
    high-level staff received bonuses–despite recent announcements that
    the bank was laying off another 35,000 employees.5
  * On top of all this, he’s fighting against more rights for workers.
    Three days after receiving $25 billion in bailout money, Bank of
    America brought together powerful banking interests to figure out how
    to defeat the Employee Free Choice Act, a bill that makes it easier
    for workers to form unions.6

Ken Lewis has got to go. And we need to look closely at the other
bailed-out banks that may need new leadership too.

Our friends at Service Employees International Union (the country’s
fastest-growing union) have been leading this campaign for a few
weeks–and they’re building momentum quickly. If hundreds of thousands of
us act, together, we’ll be impossible to ignore. Please sign today!

http://pol.moveon.org/lewis//o.pl?id=15895-9659800-jPqmlRx&t

Thanks for all you do.

–Daniel, Patrick S., Eli, Lenore and the rest of the team

Sources:

1. “Investment group calls on BofA to fire Ken Lewis,” WCNC, March 5, 2009
http://www.moveon.org/r?r=51294&id=15895-9659800-jPqmlRx&t

“Union to B of A: Fire Ken Lewis or Risk a Shareholder Revolt,” Talking
Points Memo, March 5, 2009
http://www.moveon.org/r?r=51295&id=15895-9659800-jPqmlRx&t

2. “Thain tells investigators BofA’s Ken Lewis knew of bonuses,” CNN
Money, February 20, 2009
http://www.moveon.org/r?r=51285&id=15895-9659800-jPqmlRx&t

3. “Bank of America CEO Ken Lewis scores another deal,” Fortune, September
15, 2008
http://www.moveon.org/r?r=51289&id=15895-9659800-jPqmlRx&t

4. “Investment group calls on BofA to fire Ken Lewis,” WCNC, March 5, 2009
http://www.moveon.org/r?r=51294&id=15895-9659800-jPqmlRx&t

5. “Ken Lewis, What’s Really in Your Company’s Best Interest?” SEIU Blog,
February 12, 2009
http://www.moveon.org/r?r=51290&id=15895-9659800-jPqmlRx&t

6. “Bailout Recipients Hosted Call to Defeat Key Labor Bill,” Huffington
Post, January 27, 2009
http://www.moveon.org/r?r=51292&id=15895-9659800-jPqmlRx&t

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