Considering the N&O‘s coverage of some car deals by former Gov. Mike Easley, I found this deal by two Bank of America executives interesting.
After all, what bailout executive could possibly go without a $100,000 Porche?
In late 2007, Bank of America Corp. Chief Executive Ken Lewis and Chief Financial Officer Joe Price were flying high, even as wobbly credit markets and a shaky U.S. consumer threatened to undercut their prestige as leaders of the world?s most profitable bank.
Fresh from paying $21 billion in cash for LaSalle Bank in Chicago, Lewis and Price turned their sights to another prized property: a 2007 Porsche 911 turbo coupe Lewis had bought a year earlier. Registration records filed with the North Carolina Division of Motor Vehicles show that Price, Lewis? right-hand man and his fourth CFO since 2004, took ownership of the $100,000-plus car from Lewis in mid-November 2007.
Until now, the transfer of the car?s ownership involving the two Bank of America executives never has been publicly disclosed. And while terms of the transfer remain private, corporate governance experts say the deal raises questions about ethics and independence.
