Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Bank of America Heiress: 'What Kind of Idiots Are Running That Bank?'
wowowow ^ | Feb 24,2009 | The Staff at wowOwow.com

Posted on 02/24/2009 2:33:53 PM PST by An Old Man

A.P. Giannini, the man who founded Bank of America in the early 1900s, likely is "rolling over in his grave" over how the company he built has been managed, hypothesizes his granddaughter.

Virginia Hammerness, the 75-year-old heiress to the family’s banking fortune and a big stockholder, told CBS 5 in San Francisco (via Huffington Post) that the bank’s current "idiot" managers’ actions are "totally repulsive." More than that, they’re ruining her family’s legacy

Giannini founded Bank of America (originally called Bank of Italy) in San Francisco’s North Beach in 1904 because he was upset that banks then usually only lent money and did business with rich clients. He wanted a place where the city’s immigrants could bank, as well. How did he judge each loan candidate? Not on their credit history, for sure. But rather, their character. Back in the good old Giannini days, she said, a mere handshake could secure a bank loan — and guaranteed repayment in full. Those days are clearly over.

Hammerness also had something to say about the $121 million in bonuses Merrill Lynch paid its executives just before its merger with Bank of America. Her family, insisted Hammerness, should have known then and there not to get involved. "Bank of America should have said ‘forget it," she said. As a side note, a judge on Monday said former Merrill CEO John Thain can disclose the names of people who got bonuses at that time, after New York Attorney General went to court to force him to give the information.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: banking; boa; bofa; credit; moneylist

More Cheerie News

Click here to read Hammerness’s entire interview with CBS 5 and watch the video

1 posted on 02/24/2009 2:33:54 PM PST by An Old Man
[ Post Reply | Private Reply | View Replies]

To: An Old Man

Actually the Bank of America founded by her ancestor doesn’t exist any more. Hugh McColl of NCNB/Nationsbank acquired the venerable company primarily for its name. Which is why it is called BofA today but headquartered in North Carolina.


2 posted on 02/24/2009 2:39:22 PM PST by Sgt_Schultze (Government employment exists to provide a middle class lifestyle to otherwise, unemployable people)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Graymatter

Giannini pingi!


3 posted on 02/24/2009 2:41:31 PM PST by Graymatter (Don't enable destroyers. File for chapter 44 -- barackruptcy.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Graymatter

My daughter went to A.P. Giannini Middle School in San Francisco. The Giannini Foundation still gives kids at that school personal agendas every year.

Too bad the new owners are scum.


4 posted on 02/24/2009 2:43:52 PM PST by PhilosopherStones
[ Post Reply | Private Reply | To 3 | View Replies]

To: An Old Man
Virginia Hammerness, the 75-year-old heiress to the family’s banking fortune and a big stockholder, told CBS 5:

"But Hammerness wondered aloud whether she would even be able to get a loan today from Bank of America."

"If i just went in as Mrs. Hammerness, I don't know, I might not be able to," she observed. "It's just bad, it's greed, greed, greed."

Like the U.S. government and their supporters: Keep those borders open for that never ending line of low wage labor.

Profits regardless of consequences.

5 posted on 02/24/2009 2:48:35 PM PST by dragnet2
[ Post Reply | Private Reply | To 1 | View Replies]

To: An Old Man

Not exactly a ringing endorsement.


6 posted on 02/24/2009 2:52:48 PM PST by freekitty (Give me back my conservative vote.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: An Old Man
From the article:

“A.P. Giannini gave away millions, but died with an estate of only $500,000. He turned down a $1.7 million dollar bonus that the bank wanted to give him, saying they should use it to help their customers instead”

Attitudes have definitely changed.

7 posted on 02/24/2009 2:56:24 PM PST by HereInTheHeartland (I agree with Rick..)
[ Post Reply | Private Reply | To 1 | View Replies]

To: HereInTheHeartland
What Grandpa's little princess didn't mention was that, in 1949, the federal Estate Tax exemption was only $60,000. Of course Grandpa gave everything away during his lifetime. He made an intervivos transfer to a dynasty trust and even 60 years later his progeny didn't have to work for a living.

I'm just sayin'...

8 posted on 02/24/2009 3:10:59 PM PST by Mr. Lucky
[ Post Reply | Private Reply | To 7 | View Replies]

To: Mr. Lucky
Virginia Hammerness, the 75-year-old heiress to the family’s banking fortune and a big stockholder
9 posted on 02/24/2009 3:16:01 PM PST by Wally_Kalbacken
[ Post Reply | Private Reply | To 8 | View Replies]

To: An Old Man

I agree with her 100%.


10 posted on 02/24/2009 3:39:17 PM PST by Uncle Hal
[ Post Reply | Private Reply | To 1 | View Replies]

To: An Old Man
He wanted a place where the city’s immigrants could bank, as well. How did he judge each loan candidate? Not on their credit history, for sure. But rather, their character. Back in the good old Giannini days, she said, a mere handshake could secure a bank loan — and guaranteed repayment in full. Those days are clearly over.

What isn't mentioned here is that Giannini was confident about the prospects for this new type of "middle class" banking for one very important reason: He believed this country's most valuable asset was the Protestant work ethic of its citizenry.

Those days are long gone, folks.

11 posted on 02/24/2009 3:57:22 PM PST by Alberta's Child (I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Alberta's Child

“He believed this country’s most valuable asset was the Protestant work ethic of its citizenry.”

This still exists, but it is given no credit or validation or support from the elites, the govt or the culture.


12 posted on 02/24/2009 3:59:34 PM PST by WOSG (tagline is now unemployed due to Obama economy)
[ Post Reply | Private Reply | To 11 | View Replies]

To: An Old Man

It is no suprise, since most banks, such as Bank of America, Citi, Chase seem to only hire new young exec’s to be rewarded for finding new ways to add fees and charges to their customers; in lieu of designing new and better services for the banking public.

They seen to think we are just their suckers that have no choice but to submit to their newest charges!

It is my sincerest belief this is the root of their downfall. No business can succeed that trashes it customers.


13 posted on 02/24/2009 4:08:20 PM PST by LetMarch (If a man knows the right way to live, and does not live it, there is no greater coward. (Anonyous)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WOSG

The Protestant work ethic of the Italian immigrants at whom he aimed his services?

Go on, tell me another, and please let Max Weber rest in peace.


14 posted on 02/24/2009 4:12:57 PM PST by Philo-Junius (One precedent creates another. They soon accumulate and constitute law.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: An Old Man

Ken Lewis is a (otherwise intelligent) hick retailer who doesn’t know how to be a financier or run a brokerage. He should stick to giving out toasters and hiring ex-Ms. Cotton’s to say “bless your heart” while doing so.


15 posted on 02/24/2009 4:15:18 PM PST by Clemenza (Remember our Korean War Veterans)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Alberta's Child
Why, pray tell, is Bavaria now wealthier than all of northern Germany? Or the Irish Republic wealthier than Northern Ireland?

Just sayin' (as an atheist).

BTW: The wealthiest ethnic groups in this country (Japanese, Jews, Persians, Greeks, East Indians) don't tend to have lots of Protestants. Appalachia is filled with tons of Scots Irish Prods who don't have much of a work ethic.

16 posted on 02/24/2009 4:18:45 PM PST by Clemenza (Remember our Korean War Veterans)
[ Post Reply | Private Reply | To 11 | View Replies]

To: LetMarch

I know I am tired sick of meeting young people in over their heads in credit card debt because the commercial bankers pushed easy and big lines of credit on 17, 18, 19 and 20 year olds with no experience in real life, much less understanding of the long term. It was insane banking, and easy for any one of even a little history to see what the upshot would be.

The usury laws — preventing rates over 12% and other predatory practices, and restrictions against those under 21 signing for major contracts were a learned social wisdom. What the Austrian school misses, is the same thing modern sexual libertines miss when the push sexuality on the young. Credit is predatory by default human interaction, just as sex is. It needs strict established rules and regulations, otherwise that hormone called greed rules most crudely. Just as that hormone called lust rules in the sexual arena.

My anthropologist professors would, perhaps link that natural potent greed to the “territorial imperative” — the lust of power over the “other”.


17 posted on 02/24/2009 4:21:41 PM PST by bvw
[ Post Reply | Private Reply | To 13 | View Replies]

To: Clemenza

Which I suppose is why we are not having a recession and why property values are stable and why there is not a great deal of unemployment and why refugees are fleeing the northern wastelands and taking up residence here

By the way....East Tennessee FReeper meet on or about April 18th ....Yaalll come!


18 posted on 02/24/2009 4:22:23 PM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Clemenza

What the moutaineers did not have much of was the constant stressful social interaction of the city and town. No matter what good ethos they had by inheritance, without constant practice and testing — that ethos, that moral code languished. Jerusalem is a City, not some minor hamlet in the woods.


19 posted on 02/24/2009 4:25:24 PM PST by bvw
[ Post Reply | Private Reply | To 16 | View Replies]

To: bert
With all due respect, Bert, TN is "stable" only because, well, there wasn't much prosperity (apart from the river trade in Memphis and Chattanooga a long time ago) their in the past to begin with. Besides, most development has been in either the major metros aside from Memphis (Nashville and Knoxville) or in a certain town near a large military base (Clarksvegas, home of my sister).

I was referring to places like SW WV and rural eastern Kentucky, two places I am familiar with.

20 posted on 02/24/2009 4:27:48 PM PST by Clemenza (Remember our Korean War Veterans)
[ Post Reply | Private Reply | To 18 | View Replies]

To: dragnet2
Keep those borders open for that never ending line of low wage labor.

Well, to be fair, the low wage labor immigrants is who Bank of Italy served. The problem isn't immigration, it's too much immigration combined with not enough assimilation. It's also immigration from incompatible cultures.

21 posted on 02/24/2009 4:31:42 PM PST by Defiant (If they put Bush in prison, it will let us know which one to storm.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Defiant

>Profits regardless of consequences< refer to the never ending line of illegal low wage aliens, and the greedy employers that employ them by the millions.


22 posted on 02/24/2009 6:23:53 PM PST by dragnet2
[ Post Reply | Private Reply | To 21 | View Replies]

To: Alberta's Child
"...He believed this country's most valuable asset was the Protestant work ethic of its citizenry...

That is an odd statement coming from someone who was most certainly a Catholic!

23 posted on 02/25/2009 9:48:26 AM PST by I Buried My Guns
[ Post Reply | Private Reply | To 11 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson