10 of Hearts
Ken Lewis so wanted to swim with the big fishes in NY, he built himself a huge tower near Bryant Park. During the subprime housing crisis, Lewis bought Countrywide, the nation’s biggest home lender, since characterized as one of the worst deals in financial history. As markets neared collapse, Lewis agreed to pay $29 a share for the toxic Merrill Lynch, perhaps to impress his old boss. In the end BoA had to borrow $86 billion from the Fed, and NY AG Cuomo filed fraud charges, alleging Lewis didn't disclose conditions at Merrill to shareholders, who forcibly removed him as Chairman. Said Lewis: "I've had all the fun I can stand in investment banking at the moment,"
Art by: Stephanie F. Scholz