"Fire Ken Lewis": Robert Reich Backs Push (VIDEO)

Former Labor Secretary and occasional adviser to the president Robert Reich, alongside a coalition of progressive organizations, has launched a new push for the firing of Bank of America CEO Ken Lewis.

The high-profile economist, who endorsed Obama during the campaign and has consulted with him since, has lent his voice to a video put together by SEIU and Brave New Films, titled "Fire Ken Lewis."

The film dips into the mushrooming sense of populist anger with the excessive of corporate culture and the bank industry in particular.

"The anger is stoked when people learn that while we taxpayers are bailing out the banks, certain bank executives have been taking home boat loads of money and lots of perks for themselves," Reich narrates. "Someone needs to explain why certain CEOs remain in their jobs after taking tens of billions of dollars in taxpayer money, giving themselves huge paychecks and firing thousands of their hardworking employees."

The Take Back the Economy campaign, accompanied by an email blast from the SEIU to its supporters also calling for Lewis' departure, urges viewers and recipients to sign a "taxpayer's proxy card" showing support for the firing. It also puts Reich and the union somewhat at odds with the president they both support. Barack Obama, and by extension his Treasury Secretary Timothy Geithner, have indicated a willingness to take a tougher line on bank executives in the future. But so far, the only high-profile firing pursued by the administration was that of General Motor's CEO Rick Wagoner -- a move critics said demonstrated a double standard when it came to reviving the automotive and bank industries.

"Someone needs to explain why certain CEOs remain in their jobs after taking tens of billions of dollars in taxpayer money," says Reich in the video, "giving themselves huge paychecks and firing thousands of their hardworking employees."

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Comments

[GeorgePBurdell]

Lewis is a fine American, a brave man and an astute business man.

Had he not bought MER, Paulson and the Goldman mafia would have cracked his kneecaps and had the FDIC take over BAC.

[davidly]

Fire the one's who gave 'em the dough to begin with, including our "reps" who voted for it.

[nicole473]

Lewis is just a straw man. Where do you stop?

[kimk3]

Sure, fire Ken Lewis... then fire Geithner and Summers and all the other Goldman Sachs lobbyists and former employees. .

[bbfreak]

BOA=POS!!!!!!!!!!
short back to $2!!!!!!!!!

[alumcreek]

There is an old saying: "Don't tell me what you believe. Show me what you have done and I will tell you what you believe."

Looking at Ken Lewis's actions goes a long towards demonstrating what he believes. He believes he is entitled to exploit other and enrich himself and his cronies at the taxpayers' expense.

[norman]

With all of the difficulty that Ken Lewis is facing as the result of leading Bank of America to bankruptcy, he still finds time to organize opposition and financing to oppose the Employee Free Choice Act.
And the taxpayers are paying him for his efforts!

[coco51]

I have wanted Lewis' ouster since last November, his departure is long overdue.

[longnow]

You go Robert, it's about time. It is a gesture but it would be so sweet.
Possibly, just possibly we could let him keep his job IF he rescinds
the hike in credit card rates & stops giving away millions to lobbyists
whose job it is to hurt the economy.

[pinkindie]

My family and I signed that petition yesterday. We have applied for the new loan modification under Obama due to our significant decrease in income over the last 5-6 months. Well guess what? Our servicer, Chase, can do nothing for us because BofA owns our loan. When I asked the Chase rep if the other banks that she services are starting to help their mortagees, she said, "Oh, yes. Most are now helping with modificati­ons." When I pressed further, she admitted that BofA is one of the few that is still doing nothing. DESPICABLE.

[blueskybigstar]

The advice I am hearing is while your credit is still good, buy another house at a good rate and for a lesser price, and then default on your old house.

[Viper]

Actually BoF A cant do anything either. it must be Held by Fannie and Freddie! And thats just interest reductions. .... Reducing principle is much harder and you must be almost in BK... and etc... the plan is just 2 weeks old.

BofA is refinaincing a ton... but you must in that case meet the down percentgage requirement at least ten percent equity.


Regards

[munki]

OUTST Ken Lewis with NO GOLDEN PARACHUTTE

[munki]

Join the CLUB!!!!

Great! My SEPIRA has BOA and I just send back proxy asking that...

Glad to hear this!

[Viper]

By the way, it turns out those who reported on the stress test and its nature were again wrong...

The test had 3 sets of assumptions. Best case, most likely and worse case... those who said they were meaningless are now wiping the egg off their faces again! Of course they said toxic assets are worthless.­.. but they are trading at 40-50% of face value?

Regards

[blueskybigstar]

What they are trading at is what they are worth at this very second, but will it last?

Regards

[Viper]

Its amazing how DEMs have when it suits them become believers like Repugs that the market is always correct and can never be dysfunctio­nal.... Was oil worth 14&/BBL or was the market being manipulated?

A bank getting a cash flow from an investment plus a liguidation foreclosure if defaulted.­.. has a very good way to be valued... its called net present value... the same whay you would make a purchase decission on such assets.

Regards

[LeeCalif]

Obama has no teeth.

[munki]

Are you talking about yourself?

[pychicfakes]

I am probably gonna get fired for what I put here but yes I am referring to myself

[pychicfakes]

I am getting so tired of this talk. Obama has not been in office for 80 days and everybody want him to work miracles. Bush stayed in office for 8 eight years and yet NO ONE asked him to do anything nor expected him to anything!!!! If everyone has such OUTRAGE eight years ago when our votes were stolen we wouldn't be in this mess now. So as for as for you tea baggers your eight years too late!!!! Now on to Ken Lewis, he should be fired. I worked for them it pains me everyday to defend the indefensib­le...Yes I am in favor of The Free Choice Act in a heart beat

[HST]

Yes by all mean fire Lewis. In what other business sector does the CEO of a company that fails and has to get money from the governement gets to keep his or her job? Now before the Lewis apologists start (Viper I'm looking at you) more importantly Congress need to pass a cap on credit card interest rates and institute the rules Sen.Dodd has outlined. An alternative would be to raise the interest rate on the TARP money BOFA has gotten to about 40% and limit their credit line. Let's see how BOFA likes it when they have to play by their own rules!

[Viper]

The government came to them to take the money.. the money they got was money that was already pledged to merril. to bail it out...

Its not an apology... its just dealing with the facts....

Should Ken Lewis have walked away from Merril as he wanted to with the President of the United States telling him, if he did, it would result in the collapse of the U.S. economy in all likelihood.

What would you do big shot? Let the country collapse? Its cost me a ton of money because of his not walking and yet I cant see what was the alternative. Lehmans cost us 3 trillion and a bunch of small bank foreclosures.


Regards

[blueskybigstar]

So, we just forced them to take the money and they would still be in business without the governments help?

[HST]

That president was Bush. Lewis deserves what he gets for listening to someone so stupid.
Bush's treasury man Paulson also wanted congress to write him a check for a trillion dollars no questions asked and without oversight.

How come if I make a bad financial decision I have to pay for it, but when the banks do the same thing the taxpayers have to pay for it. What's not so funny is these are the same people who call for less governemnt oversight.

Too big to fail = too big to exist. Break 'em up anti-trust style.

[munki]

Lewis is clueless when it come to common sense or sensibilit­ies...

ML is one... Private Jet is another... c'mon!!!

He is a paper CEO... get someone who really can run a bank!

[Viper]

Yes private jets are terrible..­. but tell that to the people who work at the companies that build them... and service them? Or the White house staff that flys around in them ( the government has a fleet of them by the way).

Regards