Sallie Mae CEO Just Wants to "Get the F*ck Outta Here!"It looks like Sallie Mae is more than a little testy over the fact that the deal between Sallie Mae and J.C. Flowers collapsed. But this is an amazing first conference call for a new CEO.
Seriously. He does. But we'll get to that in a moment.
- First, Sallie Mae (SLM) CEO Albert Lord told investors in a pretty defensive conference call that an increase in borrowing costs would hurt the company's profit growth.
- Lord said that as a result of the failure of the $25.3 billion J.C. Flowers deal to go through, the company will need to raise capital despite the higher cost.
- That's about all he said.
- The call was otherwise an exercise in futility.
- In one particularly hostile exchange, Lord said he "didn't know" the answer to the question what SLM stock is worth.
"We're trying to put together projections together here, Al," one questioner said. "We're trying to figure out what your stock is going to be worth and you've got to give us some guidance."
"You should give Steve [McGarry, Managing Director of Investor Relations] a call," Lord said.
"But you're the CEO," the questioner objected.
"That's right. I'm the CEO," Lord replied. "Next question."- Let's cut to the chase. We're no public relations expert, but here's a tip: It's probably not a good idea to close out a particularly testy investor call by saying, "Steve, let's go, there's no questions, let's get the f*ck outta here."
- But hey, that's just us.
- Check it out at the 26:40 mark via the mp3 file here.
Countrywide CEO with Hoofy and Boo
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Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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