Posted by Colin Doyle, April 1, 2010
Recently, I recalled watching this 60 minutes piece from back in 2008. In the segment, Lesley Stahl does an awful job interviewing Ken Lewis about Bank of America. What stood out to me about the piece was how Lewis was painted as a sweet small time banker from Charlotte N.C. According to Stahl, Lewis had "beaten" Wall St. by avoiding the kind of insane risk and greed that had brought down the big players from NY. Stahl even highlights BofA's acquisitions of Countrywide and Merrill Lynch. Apparently Lewis had used the same savvy business acumen that helped steer him clear of the sub-prime lending business to purchase these companies ..... who ..... were ...... both ...... worthless .... because of their EXPOSURE TO SUB-PRIME! A real Captain Of Industry!
The only thing stretched tighter then the bullshit in this interview are the faces of Ken Lewis and Lesley Stahl. If memory serves correctly BofA stock went from about the mid twenties to the mid two's in the 6 months following her interview with lewis.
Trade is: Long Plastic Surgery. Short 60 Minutes.
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