This is a compilation of statements by bank CEOs over the last year or so, statements they may wish they never said and won’t likely forget.
"I Said What?!"
Excerpt: "A look back at nine unforgettable statements by bank chief executives who would strike them from the record if they could.
It’s not easy being a bank C.E.O. these days. Just ask John Thain. Nearly every promise he’s made to investors since he took the helm at Merrill Lynch has been broken. With the uncertainty in these turbulent credit markets, banking C.E.O.’s would be thankful if they never had to say another word to investors and reporters. But fortunately for us, that’s not the case. Let’s take a trip down memory lane of the most outrageously regrettable comments by some of the best paid executives in the country."
1. John Thain: Repeating It Won’t Make it True
"We’re very confident that we have the capital base now that we need to go forward in 2008." January 18, 2008.
"…Today I can say that we will not need additional funds. These problems are behind us. We will not return to the market." March 8, 2008
"We have more capital than we need, so we can say to the market that we don’t need more injections. We can confirm that we have tackled the problem." March 16, 2008
John Thain learned the hard way that saying the same thing over and over won’t necessarily make it come true. The truth is, Merrill was far from finished tapping the markets. Earlier this month, it raised $8 billion by selling stakes in Bloomberg and Financial Data Services. And yesterday it announced plans to sell $8.5 billion of new shares."
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