The woman who is heir to the Bank of America fortune, Virginia Hammerness, revealed how she really feels about the executives in charge of the bank started by her grandfather.She asks the question we, ourselves, have asked so many times: “What kind of idiots” are running the bank founded by A.P. Giannini who set up shop in California in a saloon in 1904, and continued to overcome obstacles despite his bank being destroyed in the San Francisco earthquake of 1906.
The 75 year-old Hammerness says her grandfather would be turning over in his grave with the knowledge of the quality of decisions being made by modern day bank CEO Kenneth Lewis.
When asked if she keeps her money at Bank Of America Hammerness confessed she does only because it’s convenient. She’s like many of us.
“… 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.”
Although she now expresses concern the bank’s continuing decline may leave little of the family fortune for future heirs, we can not help but wonder why as someone who holds a significant number of shares in the bank she did not speak up sooner about the caliber of personnel being hired as managers.