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Archive for April 27th, 2009

Not News: Bankers Back Lewis

Sorry, got a chuckle of out of N.C. Bankers Association back BofA’s Lewis. Really? Do tell?

Then again, as we’ve been talking about, evidently a lot of people out there do not understand what bankers do and how they think, or how Ken Lewis has operated right down the broad middle of the banking firmament all these years. The bid to turn him into a scapegoat is telling indeed.

It demonstrates that the few people understand it was a systemic breakdown brought on by decades of bad practices and worse governance. The CEOs are not blameless, but as I’ve said before, back in 2007 we had precisely the banking system everyone who is now complaining wanted — booking massive profits, lending like mad, indifferent to risk.

What I want to understand from the state’s bankers, is if they understand that those days are never coming back.

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