Tuesday, October 20, 2009

Stock Market Update: Tuesday, October 20, 2009

Reason #401 in our continuing series: Why U.S. Bank is the Best Bank in America and Other Banks Are Just Big Fat Losers:

* On his own initiative, Richard Davis took a 5% pay cut like the rest of us this year AND (according to our annual report) refused his 2008 bonus.
* According to The Wall Street Journal, the "Treasury Department's pay czar pushed outgoing Bank of America Corp. Chief Executive Kenneth D. Lewis into giving back about $1 million he received so far this year and forgoing the rest of his $1.5 million salary for 2009." He was also asked to give up any 2009 bonus.

One voluntarily goes above and beyond what is required. The other has to be told "no soup for you!"

Reason #402 in our continuing series: Why U.S. Bank is the Best Bank in America and Other Banks Are Just Big Fat Losers:

* The (My Little) Ponemon Institute, “a privacy and information management research firm, has released the 2009 Privacy Trust Study for Retail Banking. For the fourth year, U.S. Bank has ranked first. U.S. Bank has also ranked in the top five each year since the study’s inception in 2003.”

And with tomorrow's earnings report (along with one for Wells Fargo) we may have "Reason #404" to add to the list! It all goes to explain why we dropped a whole entire penny today!

One more thing . . . I added a few new banks to the list today. Some big. Some small.
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