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What does it take to run (and possibly save) huge institutions? ....EGO

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A PBS documentary about the Merrill- Bank of America merger.

Its interesting, and dramatic, but the backdrop to it is.....ego.

Thain - "I demand to get paid...and I want my buddies to get paid as well....or no deal...even though I have no leverage"
Lewis - "I want to run the largest financial entity in the world"

Thain was guilty of plain hubris.
Lewis the same.

We saw it with Citi and Sandy Weill.
We saw it with Japanese banks in the 80s.
We have seen it with various hedge funds.

....It will never end.

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Guest Saturday, 25 May 2024