Today, Bank of
America (BAC) CEO, Ken Lewis, was stripped of his 2009 salary and bonus by
the U.S. Treasury Department's pay czar. Lewis, who was not a "brother"
of the Wall Street Gang gets burned at the stake, while the the other
"brothers from another mother" continued to collect millions in
bonuses.
By no means is Lewis suffering financially, but the former Chairman
of Bank of America is just a country boy from Walnut Grove,
Mississippi, who tried to take on the immoral gang on Wall Street, and
got trampled.
It all started when Lewis fired Wall Street's favorite "boy toy",
John Thain. Publicly embarrassing one of the "gangs" favorite members
turned out to be the death-nail in Lewis' coffin. To show you how
powerful and arrogant the gang really is, they got the media to report
that Thain was actually in contention for the BAC CEO position after
Lewis announced he was stepping down.
To further piss off BAC shareholders, the gang also got the media to
report that another potential replacement for Lewis might be the former
interim failure at Wachovia, Robert Steel.
If Lewis is to give up his bonus, everyone on Wall Street (Yes, Goldman too), and the banking industry should do the same.
Today's Market:
The DJIA battled back all day as a rally in energy stocks helped the
major market index close up 47.08 points on the day. Goldman Sachs and
Citigroup reported earnings that were better than forecast, but Goldman
Sachs closed down 1.9% at 188.63, and Citigroup fell 5% to 4.75.
The S&P 500 closed up up 4.54 points to 1,096.56, and the Nasdaq Composite inched up up 1.06 to 2,173.29.
After the bell, Google blew away their third-quarter estimates on
higher advertising sales. I still don't understand how Google makes so
much money. I've tried to get my arms around the model, and it still
doesn't make any sense.
I've read the AdSense partner site programs, and everyone has a hand
in the Google til. I sure would like to see a comprehensive breakdown
of their accounting. This would include, total dollars in, total
dollars out. I want to see if employee compensation for grants and
stock options are expensed on the balance sheet. Revenue of $5.94
billion seems to be too good to be true when you look at the current
economic environment, and a business that basically produces nothing.