The Best Job No One Wants
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
A new CEO for Bank of America could be chosen as early as Sunday, reports Charlie Gasparino. Inside a selection process beset by rivalries, government pressure-and most of all a lack of interest from top candidates.
The Coming Bank Bust
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
This weekend is the one-year anniversary of the bailout. But The Daily Beast's Nomi Prins says the too-big-to-fail banks have only gotten bigger-and much worse could be on its way.
An SEC Charge for Lewis?
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Days before Bank of America CEO Ken Lewis announced he was stepping down, he lawyered up. Charlie Gasparino on the likelihood he'll be charged by the SEC-which has something to prove after botching Madoff and the meltdown-over the Merrill debacle.
Cuomo Targets Bank of America
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Now that the SEC has fined BofA $33 million for misleading investors about bonuses, Charlie Gasparino reports New York Attorney General Andrew Cuomo is ratcheting up his investigation of the bank for failing to report losses before the Merrill Lynch deal.
The Secret Plan for Citigroup
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Why won't the government put Citi out of its misery and let it fail? Sources tell Charlie Gasparino the Feds have a new strategy to leave the bank in a coma.
Bank of America Smackdown!
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Shareholders will vote on BofA CEO Ken Lewis' fate today (odds 50/50). But Charlie Gasparino says Lewis' battle with former Merrill chief John Thain has devastated the credibility of both men.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Lee Siegel has written about culture and politics and is the author of three books: Falling Upwards: Essays in Defense of the Imagination; Not Remotely Controlled: Notes on Television; and, most recently, Against the Machine: Being Human in the Age of the Electronic Mob. In 2002, he received a National Magazine Award for reviews and criticism.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Gerald Posner is The Daily Beast's Chief Investigative Reporter. He's the award-winning author of 10 investigative nonfiction bestsellers, ranging from political assassinations, to Nazi war criminals, to 9/11, to terrorism. His latest book, Miami Babylon: Crime, Wealth and Power—A Dispatch from the Beach, was published in October. He lives in Miami Beach with his wife, the author Trisha Posner.
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
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