Peter is the real deal. And he is just being thrown to the side. They dont make em like Peter any more. He has done so much as CFO. looked for moneynwhen we needed it. Sought financing when it made sense. This replacement is wrong.
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He is the scapegoat to be blamed and pushed out to calm down majority's complaints. But he should not be the ONLY one. Decision making was a collective consensus but he was threw under the bus b/c Rick W did not like him or/and someone in the EC group ask him to be out. Will the new CFO be better and save the balance sheet??? This is capitalistic society. Sad. Good Luck Peter!
He sounded a bit choked up yesterday. Wonder if it was really his decision to leave or if he was told. Poor guy! Either way, he will be leaving with big pockets.
He should have been cut last year - he was responsible for the losses and investment in bonds last year - yet they look away - poooor Peter - wa wa wa - get rid of the Treasurer also, he presents to Peter and the board!
@2fcn+1tGUm1hD
Bank of America invested the flood of deposits they received during the covid area in long dated securities.
A top 10 bank not taking any credit risk, all in market risk without any hedging. Are you able to find any other financial institutions in the world taking the similar strategy? He should be responsible for at least 50% of the total estimated $50 billion unrealized loss.
Ummm he is totally getting shown the door. Marinetti too.
This must be Peter posting.
Wait, what?
The guy who said interest rates were in the later innings over a year ago? The guy who thought long bonds in a raising rate environment were a good idea? Who was part of the team that decided to shrink the bank, the like major differentiator product? Who publicly agreed with the strategy of hoping customers were too d-mb to rate hunt?
He’s the real deal alright. But that doesn’t mean what you think it means.
Probably forgot to say: “Yes Walt; as you wish Walt” one too many times?