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Former Bank Of America CEO Endorses Obama

By Justin Gardner | Related entries in Barack, Economy, Independents, North Carolina

I wouldn’t usually write about this, but A) Hugh McColl, Jr. sounds like he has to be a fiscal conservative if he’s a banker and B) Bank of America appears to be one of those banks that’s apparently extremely well-managed and is weathering this crisis because of it.

What’s more, this editorial is in the Charlotte Observer…a North Carolina paper…

In 49 years of living in Charlotte, I’ve seldom offered my opinion in writing and never submitted a piece such as this. The condition of our country compels me.

The economic disarray threatening our community and nation poses critical challenges but also presents opportunity. We can observe the presidential candidates in the crucible of crisis.

Only one of them demonstrates the needed intellect, fortitude and temperament. That is why I have decided to publicly support Barack Obama.

What is needed in Washington is sound judgment and exceptional leadership. Through the years that I’ve been a businessman and before that an officer in the Marine Corps, I saw what qualities make effective leaders. I see them in Obama: a sharp intellect, stiff spine and steady hand.

With more editorials like this, the Tar Heel State may indeed turn blue.

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This entry was posted on Monday, October 6th, 2008 and is filed under Barack, Economy, Independents, North Carolina. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Former Bank Of America CEO Endorses Obama”

  1. Gaucho Politico Says:
    October 6th, 2008 at 7:02 pm

    Bad timing for BOFA reference

    NEW YORK (Reuters) – Bank of America Corp, citing “recessionary conditions,” on Monday halved its dividend and said it would sell at least $10 billion in new common stock to bolster its capital to offset rising loan losses.

    The largest U.S. bank, which has worried some investors over the past year with big ticket takeovers of mortgage lender Countrywide Financial Corp and investment bank Merrill Lynch & Co Inc, also said quarterly earnings slid a steeper-than-expected 68 percent.

    Bank of America, whose shares were down nearly 9 percent in extended trading after the surprise announcement, had been seen as one of the industry’s pillars of strength but the results and accompanying moves to bolster its capital, showed that it too, is struggling with the credit crisis.

  2. Jimmy the Dhimmi Says:
    October 6th, 2008 at 8:57 pm

    I saw what qualities make effective leaders. I see them in Obama: a sharp intellect, stiff spine and steady hand.

    …and someone who I can mold like putty in my hands. MUWAHAHAHAA

    Seriously, if a corporate executive of a huge bank endorses a republican in a time of financial crisis, its a liability. Are people going to accuse Obama of being Wall Street’s candidate now?

  3. silent majority Says:
    October 6th, 2008 at 9:26 pm

    It sounded like the Lehman CEO wanted market reform too. Could these guys really be getting religion on market regulation?

  4. ExiledIndependent Says:
    October 6th, 2008 at 9:35 pm

    @ Jimmy

    Well, he *is* a Wall Street candidate. So is McCain. Neither man showed true leadership in a time of financial crisis. They bailed out their friends, their friends’ business associates, and themselves. They radically increased the scope of the federal government and ensured that our grandchildren will be saddled with debt. At this point I’d be equally happy writing in Justin’s name on the ballot than showing support for these pretenders. Ah, sometimes it is good to revel in one’s own political disaffection.

  5. Justin Gardner Says:
    October 6th, 2008 at 9:41 pm

    Seriously, if a corporate executive of a huge bank endorses a republican in a time of financial crisis, its a liability.

    Well, but that’s sort of the point, no? For a fiscal conservative like McColl to suggest that he thinks Obama would be better for the economy is news because of the unexpected nature of it.

    It would be the same if a former president of the Sierra Club endorsed McCain because he/she thought he’d be better in a time of environmental crisis.

    Are people going to accuse Obama of being Wall Street’s candidate now?

    No, because guys like McColl usually don’t back the Dem.

  6. Susan Says:
    October 6th, 2008 at 9:43 pm

    I believe it was Fortune 500 magazine that did a study just a few years ago, wherein they found that Democratic presidents have been best for the economy.

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