Category Archives: defenestrations

John Thain’s PR Expenditures

Posted on January 28, 2009 by Felix

When Maria Bartiromo asked John Thain about his notorious office, he replied: Well, first of all, it– it is true. This was a year ago or actually a little bit more than a year ago in a very differ– different– … Continue reading →

Posted in banking, defenestrations, Media | 1 Comment

John Thain, RIP

Posted on January 22, 2009 by Felix

It was always a bit weird that John Thain was going to stay on at Bank of America, but as it turned out, he lasted less than a month before getting fired this morning by the equally-beleaguered Ken Lewis. The … Continue reading →

Posted in banking, defenestrations | 1 Comment

Executives’ Heads on a Pike

Posted on January 16, 2009 by Felix

Fortune’s Roger Parloff can paint quite a picture: An angry mob of investors and taxpayers is assembling, and they want to see some executives’ heads on pikes. Astonishingly, this photo just came in from the wonderful David Sunstrum. The angry … Continue reading →

Posted in defenestrations, humor | 1 Comment

How Safe is Ken Lewis?

Posted on January 13, 2009 by Felix

Oh, the fickle Wall Street Journal. It was so kind last month, when the American Banker named Bank of America’s Ken Lewis Banker of the Year for the second time in six years: If anyone deserved the award, it is … Continue reading →

Posted in banking, defenestrations | 1 Comment

Thain’s Elegant Exit

Posted on September 14, 2008 by Felix

The difference between Dick Fuld and John Thain is that Thain knows when to let go: It could not be determined if Mr. Thain will play a role in the new company, but two people briefed on the negotiations said … Continue reading →

Posted in banking, defenestrations | 1 Comment

How Long Will Rick Wagoner Last?

Posted on August 7, 2008 by Felix

Joe Nocera is taking to blogging like Steve Jobs took to turtlenecks: “Rick has the unified support of the entire board to a person,” the company’s lead outside director, George M.C. Fisher, told Bill Vlasic of The Times in an … Continue reading →

Posted in defenestrations, governance, leadership | Comments Off on How Long Will Rick Wagoner Last?

Adventures in Acceleration, Goldman Sachs Edition

Posted on June 18, 2008 by Felix

If you’re a bond, being accelerated is not a good thing. If you’re a Goldman Sachs analyst, likewise. Analysts normally have a two-year gig, after which they go on to MBAs or some other job, but Goldman Sachs has decided … Continue reading →

Posted in banking, defenestrations | Comments Off on Adventures in Acceleration, Goldman Sachs Edition

Martin Sullivan Deathwatch: It’s All Over Now

Posted on June 15, 2008 by Felix

Liam Pleven, in the WSJ, seems almost sorry for AIG CEO Martin Sullivan, now he’s being fired: It’s not clear what a new chief executive, interim or permanent, can do to solve those problems amid ongoing upheaval in the mortgage … Continue reading →

Posted in defenestrations, insurance | Comments Off on Martin Sullivan Deathwatch: It’s All Over Now

The End of Lehman

Posted on June 12, 2008 by Felix

Why the defenestrations at Lehman? There’s one reason, and one reason only: the share price, which was meant to go up, instead went down. And frankly the only reason Fuld himself still has his job is that he is also … Continue reading →

Posted in banking, defenestrations | Comments Off on The End of Lehman

Martin Sullivan Deathwatch, Redux

Posted on June 9, 2008 by Felix

Martin Sullivan is still holding on to the CEO job at AIG, despite last month’s attempt to use the WSJ to oust him. Still, if at first you don’t succeed, try again, and so there’s a new front-page WSJ story … Continue reading →

Posted in defenestrations | Comments Off on Martin Sullivan Deathwatch, Redux

Whither WaMu’s Killinger?

Posted on June 2, 2008 by Felix

There were just 24 days between Ken Thompson losing his chairmanship of Wachovia and his being fired by the board. At that rate, Kerry Killinger of WaMu, who lost his chairmanship today, is likely to be fired on June 26. … Continue reading →

Posted in defenestrations | Comments Off on Whither WaMu’s Killinger?

Martin Sullivan Deathwatch

Posted on May 14, 2008 by Felix

In terms of Jack Flack’s five levels of CEO media hell, AIG’s Martin Sullivan has now graduated from "on the ropes" to "dead man walking". The WSJ’s headline says it all: "AIG’s Chief Faces Worries Of Investors and Directors" – … Continue reading →

Posted in defenestrations | Comments Off on Martin Sullivan Deathwatch

SocGen CEO Finally Resigns

Posted on April 18, 2008 by Felix

Finally. SocGen CEO Daniel Bouton will officially resign as of May 12, and it seems like SocGen’s head of investment banking, Jean-Pierre Mustier, won’t last much longer either. Bouton will remain as chairman, but my guess is that’s a face-saving … Continue reading →

Posted in banking, defenestrations, governance | Comments Off on SocGen CEO Finally Resigns

Buffett Caves

Posted on April 14, 2008 by Felix

Well, that didn’t take long. A week ago the WSJ reported that Federal prosecutors were requesting the resignation of General Re CEO Joe Brandon; today it happened, despite Brandon’s having the strong support of his boss, Warren Buffett. I don’t … Continue reading →

Posted in defenestrations, insurance | Comments Off on Buffett Caves

Wall Street Euphemism Watch

Posted on April 9, 2008 by Felix

At Citigroup, the guy in charge of firing people is known as the "head of productivity". Someone give Vikram Pandit a bloody shovel already.

Posted in defenestrations | Comments Off on Wall Street Euphemism Watch

The End of the Monolines

Posted on February 19, 2008 by Felix

It looks like the end of the monolines to me. FGIC has already said it’s splitting – something which, legally, is fraught at best. Ambac is trying to raise $2 billion in new equity before, yes, splitting. And now MBIA … Continue reading →

Posted in defenestrations, insurance | Comments Off on The End of the Monolines

Albert Lord: The Deathwatch Begins

Posted on December 19, 2007 by Felix

How did Albert Lord become CEO of Sallie Mae? He hardly showered himself in glory during the whole debacle with Chris Flowers, during which time he was so busy refusing to negotiate on the sale price that (a) the entire … Continue reading →

Posted in defenestrations, stocks | Comments Off on Albert Lord: The Deathwatch Begins

The Wolfowitz Ouster, Redux

Posted on December 13, 2007 by Felix

Fox News journalist James Rosen has a long and largely sympathetic account of Paul Wolfowitz’s ouster from the World Bank in the November issue of Playboy. At the beginning of the piece he’s unambiguous: What happened to Wolfowitz was more … Continue reading →

Posted in defenestrations, world bank | Comments Off on The Wolfowitz Ouster, Redux

Citi: Looking Weak

Posted on November 5, 2007 by Felix

Never mind the Rubin news; that was all but a given. And the Bischoff news is not that much of a big deal either: the chap is the classic safe pair of hands who will be competent enough at managing … Continue reading →

Posted in banking, defenestrations, stocks | Comments Off on Citi: Looking Weak

Chuck Prince Deathwatch: Keep an Eye on Medina-Mora

Posted on November 2, 2007 by Felix

The WSJ is reporting that Citigroup is holding an emergency board meeting this weekend, and that Chuck Prince’s ouster might be on the agenda: It wasn’t clear precisely what the meeting would address, but the subject of further writedowns could … Continue reading →

Posted in banking, defenestrations | Comments Off on Chuck Prince Deathwatch: Keep an Eye on Medina-Mora

Jimmy Cayne Declares Victory Over WSJ

Posted on November 1, 2007 by Felix

Cayne, on CNBC, via Dealbreaker: "It’s unbelievable. The phones are ringing off the hook, and everyone wants to play golf with me now." I’m glad it seems to have worked out this way. There are good reasons for a CEO … Continue reading →

Posted in banking, defenestrations | Comments Off on Jimmy Cayne Declares Victory Over WSJ

How Jimmy Cayne Can Survive the WSJ Attack

Posted on November 1, 2007 by Felix

The WSJ is splashing Kate Kelly’s story about Jimmy Cayne’s part-time leadership of Bear Stearns this summer all over the front page of its newspaper and website. There’s a full spectrum of reactions, ranging from the hoped-for push towards Cayne’s … Continue reading →

Posted in banking, defenestrations | Comments Off on How Jimmy Cayne Can Survive the WSJ Attack

O’Neal and Parsons Both Out?

Posted on October 26, 2007 by Felix

It’s not a good day to be a black CEO in America: both Stan O’Neal of Merrill Lynch and Dick Parsons of Time Warner seem to be on their way out, with the shares of both companies soaring as a … Continue reading →

Posted in defenestrations | Comments Off on O’Neal and Parsons Both Out?

Merrill’s Board Turns on O’Neal

Posted on October 26, 2007 by Felix

Who told the NYT’s Jenny Anderson about Stan O’Neal’s abortive attempt to float a merger with Wachovia? She sources her scoop to "people close to the beleaguered Wall Street firm," which is not very helpful, but it seems clear that … Continue reading →

Posted in banking, defenestrations | Comments Off on Merrill’s Board Turns on O’Neal

Speculating over Chuck Prince’s Ouster

Posted on October 15, 2007 by Felix

Duff McDonald stilettoes Chuck Prince in this week’s New York, just in time for Citi’s dreadful earnings. McDonald says that Prince’s CEOship has been "a nightmare" since shortly after he got the top job, largely because he "regularly violated a … Continue reading →

Posted in banking, defenestrations | Comments Off on Speculating over Chuck Prince’s Ouster