Friday, July 16, 2010

More CEO Idiocy On CNBC This Morning

Probably because BofA announced earnings yesterday or this morning, its CEO, Brian Moynihan, had a lengthy interview on CNBC this morning.

After reading about Moynihan's checkered corporate past, about which I wrote here, I have zero interest in anything the guy would say. I'm guessing I'm not alone.

So why is Becky Quick breathlessly asking Moynihan about the state of the American consumer, after stating that BofA has relationships with some large percentage of them?

C'mon, Becky, you're smarter than that. That so-called "relationship," is, for many of the bank's customers, a checking account.

And why would Moynihan, a lawyer with a now-publicly highlighted spotty record of mediocre management at several banks, know anything more about American consumers than, say, someone who has actually conducted market research? Or a qualified economist?

Even Joe Kernen's pointed question about BofA being whipsawed by the feds to both lend more money, but make no bad loans, got a punt from Moynihan. Obviously, given the predatory regulatory environment in Washington these days, the BofA CEO wasn't going to utter a single word that could be viewed as combative by the federal government.

So much for honesty and candor from CEOs. Anywhere. Which is sort of the topic of this morning's prior post.

Anyway, I suppose this morning's puff session with Moynihan is CNBC's attempt to deify anyone in a CEO suite, no matter how unqualified or lacking in experience. Which is really just plain stupid.

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