I missed this article unfortunately as it was day after I had surgery for a broken humerus, but the naivete is evident. Bank analyst and legend in his own mind Mike Mayo, ranked Bank of America’s CEO Brian Moynihan as the worst CEO of the banks due to recent share price performance. Moynihan wasn’t behind the Countrywide acquisition and he inherited these problems. He has done an exceptional job selling non-core assets and raising capital despite extremely difficult market conditions. Moynihan helped the bank pass the draconian stress tests and Bank of America’s core profitability has been increasing substantially. I’ve been exceptionally impressed with Moynihan and I think time will show him to be one of the strongest banking CEO’s moving forward. These types of comments such as the ones Mayo makes in this article are just an effort to get something published, as opposed to having any merit based on actual facts and figures. Short term stock performance as a proxy for CEO competence is absolutely absurd.
INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.