***Totally unexpected endorsement for Obama***

[Demi_Babe]

CharlotteObserver.com Viewpoint

* News





From Hugh McColl Jr., former chairman and CEO of Bank of America:




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.

Obama's economic plans will restore market confidence and provide a blueprint for a better future. His pragmatic, intelligent economic plan will stop our financial slide and restore the expansion and confidence we knew in the 1990s. Obama's tax relief plans for small businesses and the middle class should provide much-needed economic stimulus.

Obama also has an energy plan that makes sense. He will shift energy use from foreign oil toward alternative, domestic sources. This will create millions of “green collar” jobs and enable us to capitalize on alternative energy. These cleaner energy solutions will protect the planet for our children and grandchildren and free us from depending on hostile nations.

We could not have built Bank of America into the leader it has become without a highly educated workforce. Obama proposes to invest in education to ensure we remain the most productive and efficient in the world. We must take these steps to stay globally competitive.

I greatly respect all that John McCain has done for our nation. But it is Barack Obama whom we need now.


http://www.charlotteobserver.com/406/story/225909.html

[Curtland1015]

1. Wow. Not bad.

[Demi_Babe]

2. he has a huge influence in NC...this matters ;-)

[leftofcool]

9. Yes, he does, and also received 49 million dollars in "compensation"

and that was in 1999 alone. He has exhibited great leadership qualities but we should not forget he is just another money grubbing CEO and has been part of the financial problem in the country.

[timber84]

13. You definitlely know NOTHING about Hugh or what he has done

for Charlotte, NC.

[leftofcool]

17. I am from NC. I am pretty sure I do know

and MCColl's earnings are a matter of public record. They can be Googled. As well, since hubby worked for him for 17 years as head of his computer security department, we know him quite well.

[Demi_Babe]

if you know him so well then I am surprised by your post

[timber84]

20. So you have a problem with people's salaries. Last time

I checked, he left Bank of America in pretty good shape. Why don't we discuss how much money he has given back to this community.

[RedLetterRev]

91. Small worlds

For a time I was on contract to NCNB->NationsBank in Texas and worked at Perot Systems in Richardson. I tried everywhichaways to go permanent with either NationsBank or Perot, but both were laying off at the time. (That was the early 90's.) We probably "know of" folks in common.

Perot Systems was the neatest place I've ever worked, with some of the nicest folks. Some came from NCNB and some from the old Republic Bank.

I'm back in NC now... wishing I were at a bigger company LOL

Thread Goodness™: Well, good for Hugh. And good for us!! This is a tremendous thing for Obama and for NC.

[musicblind]

97. So you dislike him just because he makes a lot of money?

or was there another reason?

[Demi_Babe]

16. he has NEVER been your typical CEO...read up on him

[yardwork]

24. But the point is that he is extremely influential, especially among Republicans.

Let's not look this gift horse in the mouth. This endorsement alone may have just won the state of North Carolina for Obama. We were close before - this could tip it.

[me b zola]

31. Small change compared to Lehman Bros CEO's $349 million

Not to mention McColl did not run his Co into the ground, as the CEO of Lehman Bros did.

Your argument sounds like another petty attack against Obama.

[happygoluckytoyou]

78. FISCAL republicans will see OBAMA as the right choice....here is why-->

Where usually Democrats are a party of "CHANGE", there is a difference on the menu tonight:
Democrats offer a run in "the wrong direction" BUT Republicans offer .... ? ? ?

That's right... Republicans this year have become MAVE-RATIC... and the market FEARS erratic behavior EVEN MORE than "the wrong direction"

McCain/Palin has shown themselves to be NOT ABLE TO BE PREDICTED... even the choice of PALIN "without agreement or consulting with the monied powers of America" is un-REPUBLICAN. The religous overtones, the "end of days", NOT REALLY A GOOD $$$$ IDEA $$$$

[Indenturedebtor]

85. Wall Street nearly always favors Dems because under Dems the markets perform

Republicans destroy everything. When it's your livelihood to figure out how the economy is going to perform based on various factors you tend to notice such things.

[Joe Chi Minh]

95. I don't really see how you can ascribe "great leadership qualities to him,

one moment, and then the next moment, accuse himn of being "just another money-grubbbg CEO." It is a fundamental flaw in your post.

Before WWII, the British people could have rubbished Churchill as just another money-grubbing old Tory imperialist and war-monger, and felt very sorry for themselves over record in national politics; luxuriating in it endlessly and repudiating any other consideration. But you know and we all now they had a little more sense. Sure they gave him the "bum's rush", after the war, because they knew his political stripe, but that wasn't wallowing in self-pity; it was a practical judgment, and a very sound one.

Stick with the great leadership qualities, and be grateful for his endorsement. It's an imperfect world, and we're all a part of its imperfection.

[timber84]

3. Woo hooo

Go Hugh!

[populistdriven]

22. This is HUGH!

whoohoo!

[Demi_Babe]

23. lol

[stlsaxman]

55. Are you series?!?!?

:rofl:

that was good!

[SaveAmerica]

74. Ha Ha!!! Finally it can really be used!!

[Jack from Charlotte]

41. I wonder if he'd do some TV or radio spots saying those words? Also,...

if he wouldn't, it'd make sense to have someone read his words on TV and/or radio.

[No Elephants]

4. Dynamite! Let's hope it gets coverage.

[Demi_Babe]

29. I'm looking for all the MSM contacts...can't find them :-(

[calimary]

38. Try here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=106x8816

Some of this, admittedly, is out of date. But farther down the rawther long thread are updates. It's an open thread that anyone can keep adding to and it doesn't get locked. And people Do add to it, which keeps it great!

[Imagevision]

5. Hugh McColl Jr., former chairman and CEO of Bank of America has seen the light?

[Ilsa]

67. He has always been a visionary. The Texas banking PAC supported Ann Richards

when he was with NCNB/NationsBank. He was a marine, but I don't think he was in the military for very long.

[1776Forever]

6. Says it all: "I see them in Obama: a sharp intellect, stiff spine and steady hand"

Thank you for posting this!

[Demi_Babe]

7. My Mom called at 7:00am and said...did you read the paper...OMG

she was so excited. This will get a lot of coverage in our state. North Carolina is going blue this year and this endorsement just helped big time.

[annabanana]

66. It's a good characterization. . .

accurate.

[Hope And Change]

8. WOW!Thanks for posting.K & R!

[SIMPLYB1980]

10. Good for the Observer!

A month ago this would have surprised me, but now I think NC is Obama country and the papers are reacting to that.

[Demi_Babe]

12. well...in all fairness it wasn't the Observer that endorsed Obama...it's Hugh McColl

but I feel The Observer will endorse Obama...just a feeling.

[Demi_Babe]

15. does anyone have a list of the MSM outlets...I want to send this out

[endthewar]

34. Headline: Bank CEO endorses Obama.

:eyes:

[Indenturedebtor]

86. Good point... I'm not quite sure how this is going to help the cause n/t

[JimDandy]

98. This falls more along the lines of good news than bad news,

if people can get past the "Bank CEO" part, because WHICH bank matters. B of A wasn't one of the problem banks -- in fact, it was one of the first banks that tried to fix this mess early on. They bought up Countrywide after it tanked in Jan 08. Countrywide was the nation's top producers of subprime mortgages.

[Bossy Monkey]

37. Here

though not flamingly up-to-date: http://www.democraticunderground.com/discuss/duboard.php?az=view_oet&address=358x1903

[SIMPLYB1980]

21. Thanks missed that should have read it closer instead of skimming it.

Took the whole weekend off from politics, and I'm trying to get caught up on the latest info. Got a little ahead of myself. Didn't the Observer endorse Obama in the primary?

[SaveAmerica]

75. yes

[occe]

11. will it help?

How much will this help Obama?

[yardwork]

69. McColl is very influential in North Carolina. We really can't overstate the impact of this.

McColl is extremely wealthy and very powerful. Charlotte is a center of banking in the entire U.S. and the largest city in North Carolina. A lot of wealthy people in NC just lost a ton of money because of Wachovia.

People - especially conservative-leaning, fiscally aware people - will listen to this. It really means a lot. In the south, there's a tendency to think of liberals as "weak." This endorsement puts the muscle of a very powerful, successful businessman right behind Obama.

[frogcycle]

92. ask the magic 8-ball

or some tea leaves

[vaberella]

14. BOA is the largest and fastest growing bank in the country.

Obama couldn't have gotten a better endorsement. Plus, their investments tend to be the most sound.

[spooky3]

18. He's right. What is good for the US is good for business.

I really have to question the motives and intelligence of many other CEOs. I think they are either thinking only about what taxes they personally will pay or are mistakenly thinking their business will do better under a McCain administration, when history shows business tends to do better when Dems are in office.

[CitizenPatriot]

19. good for Hugh

he must be pretty smart, since BOA is one of few banks left standing. I don't mind if someone makes a ton of money doing their job-- so long as they WERE doing their job and not playing a game of drain and run, leaving us with the hit.

Thank you, Hugh. You did your country proud today!

[Blondiegrrl]

25. Fantastic! I think Obama will flip quite a few red states. n/t

[mtnsnake]

26. Excellent!

[voteearlyvoteoften]

Intimidated no more

He must feel so good today. Good job Mr. McTellItLikeItIs.

[Shakespeare]

27. kicking for later n/t

[uponit7771]

28. Like whoa!!!

[codjh9]

30. Fantastic! I hope it helps pull NC Blue.

[southerncrone]

32. Wow!

I suspect many fear a P'n Presidency & realize that Mav'wreck is suffering from failing health.

This is the only common-sense move for any educated person who can add 2 + 2. They see the writing on the wall.

[ms liberty]

33. Holy Cowabunga! I live in NC, and this is big...K&R n/t

[mzmolly]

35. Wow! Makes me almost glad I owe B.O.A. money!

LOL

[myrna minx]

61. LOL. Will he lower our interest rates?

:rofl:

[mzmolly]

79. LOL

Good question! Perhaps they'll give us the "Obama supporter" deal? ;)

[Sequoia]

36. Also, Stockton (CA) paper endorses a Democratic president in 72 years.

SEVENTY

TWO

YEARS

!!!!!!!!!!!!!!!!!

[jenmito]

39. Now THAT really IS "HUGH"! Hugh McColl, Jr., that is.

:D

[yodermon]

48. lol

:spank:

[jenmito]

49. Glad you liked it!

:hi: :D

[Overseas]

40. K&R -- He makes the case well ! //nt

[rndmprsn]

42. K+R

[FKA MNChimpH8R]

43. Smart businesspeople know that they always do better

under Democratic administrations, even if they pay more taxes. The rising Democratic tide lifts ALL boats.

[Jack from Charlotte]

44. Both of the guys who ran the big banks here in Charlotte.....

Ken Thompson of Wachovia and Ken Lewis of BOA, worked for and endorsed The Moron, G W Bush in '04.

Thompson's been fired from Wach.

[riverdale]

83. BofA donated $250K to Bush's inaugural party

so did Wachovia

[ronnykmarshall]

45. Freepers rushing to pull money out of BofA.

[Lucky 13]

53. Well coincidentally I opened a new account there just recently...

... so I cancel one of those idiots out!

[yardwork]

70. Yeah, where they gonna put it? LOL!

[Pacifist Patriot]

46. Bank of America holds the Working Assets credit card.

Now I have another reason to appreciate the company even if he is no longer the chairman and CEO.

[Cha]

47. This warms me up right now, too!

Thank you, Hugh McColl Jr.!

Just came from work where a co-worker was nitpicking about Obama and it was all I could do to control myself and this is my reward! :bounce:

Thank you, Demi Babe~

[nam78_two]

50. Wow-we need to make sure this doesn't get lost in the sea of endorsements Obama has

This should get those independents (especially the fiscally conservative ones) thinking...

[Dinger]

51. "But It Is Barack Obama WHome We need Now" KAY AND ARRRRRRRRRR!

[AZBlue]

52. The Obama campaign really needs to promote this!

[jillan]

54. OMFG!!! As a retiree of Bank of America -

I am fainting here!!

Wow!!!

[Laura PourMeADrink]

56. Thanks. This is huge. I just sent it to all my repuke banker friends.

[cottonseed]

57. This is why Obama will win.

Most people are starting to realize this isn't a game anymore. McCain/Palin would wreck the whole damn thing for all of us.

[EvolveOrConvolve]

58. In related news

McCain lost several thousand supporters today when Freeper heads started exploding.

Fuck ya', Hugh! (btw, your bank went down the shitter after you left)

[Spiffarino]

59. Another radical Obama supporter?

This is Hugh McColl. Obviously a radical America-hating islamoterrorist:



Looks like the Straight Talk Express just blew another tire.

[crazy_vanilla]

60. high five !!!

:headbang:

[never cry wolf]

62. Apparently Hugh is a longtime Dem supporter

At least according to his past donations. It is still nice he spoke out.

http://www.newsmeat.com/fec/bystate_detail.php?st=NC&last=McColl&first=hugh

[Jane Eyre]

65. Yes, he is!

Though like most of the "money people" in Charlotte, he will occasionally support someone from the other side. But he is a registered Democrat and is known for supporting Democrats. He also is quite generous in his giving towards socially responsible organizations and the arts.

There was an article about him recently in the Charlotte Observer. He was contacted by a teenager from his neighborhood who wanted to sponsor a Habitat House. He helped her to raise enough money for an entire house, and then went out with her and helped her build it.

Hugh McColl and his counterpart Ed Crutchfield at First Union (now Wachovia, at least for a little while longer) were supporters of Democrats and democratic causes. For that matter, so was most of the Belk family of Belk's Department Stores and so were most of the business leaders who built this town into what it is today. They left a void after they retired which has not been filled.

[Jokinomx]

63. Holy Cow! Now that is stating it like it is! Send this to all your neo con friends....

A must read!

:toast:

[Ilsa]

64. If anyone has any doubts about Hugh McColl, he was a MARINE

way back when. He's brilliant and hardworking. He really is a visionary type of leader.

And he was my boss' boss' ... x 10 a decade or so ago.

[GreenInNC]

84. He IS a Marine

Hugh always says "Once a Marine, always a Marine"

[Joe Chi Minh]

96. Semper fi. A bit like the Foreign Legion.

[Honeycombe8]

68. Whoa. That's great news! nt

[Dem_4_Life]

71. That is fantastic!!!

:applause:

[WillyT]

72. Big K & R !!!

:kick:

[Seldona]

73. It's better than a McCain endorsment.

This guy has some respect in the business world. It will not go unnoticed.

[lonestarnot]

76. Cool.

[pitchforksandtorches]

77. KISS IT GOOD-BYE JOHNNY & SARAH!!!

Independent voters are starting to swing behind Barack Obama and Joe Biden, who continue to benefit from economic turmoil and the public response to their debate performances, according to a new Wall Street Journal/NBC News poll.

[AllyCat]

80. Wow. Just wow

[OakCliffDem]

81. Kicked and Recommended

[b2b55]

82. WOW

[sandspur]

87. great, simply great nt.

[DemoTex]

88. Dr. Ralph Stanley .. now Hugh McColl, Jr.!

Great Balls 'O Fire, Vern!

[Deep13]

89. NC up in the air; VA, FL, OH leaning blue; MI dark blue

Who wooddah thunk it? (Howard Dean, apparently.) The only thing turning red is the growing pool of blood around the collapsed Republican party.

[AlbertCat]

90. Am I Bluuuuuuuue?

NC is so schizoid. It's seems to be one of the bluest red states...I know we had Helms....but he was schizoid too....and no Strom Thurman. We also had Senator Sam way back when. I'd love for us to go blue this election.

I wonder what Mccoll thinks of Dole.....

(We need to get rid of her useless ass)

[CottonBear]

93. Conservative radio pundit, Neal Boortz, needs to read this opinion column.

Boortz (who is based in Atlanta) was whining this AM about how Obama has no economic plan. Of course, Boortz is spouting total bullshit, but his low-information listeners believe what he says.

[1Hippiechick]

94. Too late to recommend, but here is a KICK!