Rapper and financial guru MC Hammer has been brought in to “right the ship” at Bank of America, interim CEO Zeb Doyle announced this morning on CNBC’s Mad Money. The struggling financial institution is hoping the move will help restore stockholder confidence.
Bank of America Corp (NYSE:BAC) is down more than 50% on the year, and OMGG.com financial analysts agree that something needed to be done.
“Hammer lived way above his means, eventually squandering his fortune and filing for bankruptcy,” Mr. Doyle told Jim Cramer. “That’s something Bank of America customers can really relate to.”
The move is risky in light of yesterday’s announcement of a new $5 monthly fee on all BofA debit cards, but the Mad Money host applauded the hiring of Hammer.
“Pardon the pun, but when it comes to hemorrhaging money,” said Cramer. “U Can’t Touch This partnership.”
October 6, 2011
MUSIC