And the Banker of the Year award goes to. . .

Posted Nov 3rd 2008 3:04PM by Zac Bissonnette
Filed under: Bank of America (BAC)

Like the paper plate award for the kid who won the 1/75th marathon at fat camp.

Or, if you prefer, you can go with the New York Times analogy: "It's like being named the outstanding British soldier of 1776."

American Banker, the trade publication for the banking industry, has named Bank of America (NYSE: BAC) CEO Ken Lewis as its banker of the year for 2008.

Given that the banking industry bears a big part of the responsibility for essentially destroying the economy, it's questionable whether any banker should receive any award. And while Bank of America has fared better than many of its competitors, it's questionable whether Lewis should get much credit right now. The price the company paid to acquire Countrywide Financial was, in all probability, far too high in light of the continued deterioration in housing.

Then there's the fact that Bank of America shares off about 40% so far this year.

Tags: BAC, Bank of America, Banking, BankOfAmerica, inthenews, Ken Lewis, KenLewis

Print this

Reader Comments (Page 1 of 1)

11-03-2008 @ 5:34PM

william lindblad said...

I go with the NYT's view, but with a slightly different take. Like being named the lawyer for the defense of the British soldiers of the Boston Massacre. He's famous, but it did not stop the people of Boston from trying to burn his house down (with him in it).