Bank of America heiress call executives 'idiots,' 'totally repulsive'


The granddaughter of the founder of Bank of America has some tough words for current economic crisis -- and especially for the executives at her father's firm who led it astray.

In an interview with CBS Virginia Hammerness, who is significant shareholder, said that her grandfather A.P. Giannini would be "rolling over in his grave" if he saw the mess that the company has become. "I think its totally repulsive," she said. "What idiots, what kind of idiots are running that bank?"

Asked whether she still had money with the bank she replied that "Well, of course. But I have no loyalty to it. It's just there because I'm too lazy to go somewhere else... That's the honest to God truth, just too lazy to move it somewhere else."

It's just too bad that it's too late for much good to come out of Ms. Hammerness' righteous indignation. Whatever percentage of her net worth was invested in Bank of America is now worth less than it cost her grandfather to but the wooden plank on two barrels that he used to keep his lending operation running after the 1906 San Francisco earthquake. Perhaps she could start a new bank?

I'm sure there are many, many descendants of founders and retired employees watching the companies they work at implode in a wave of greed and incompetence. It would be nice if they all banded together to take on the directors at these companies and get new, competent leadership installed.