It’s never a good idea for the boss to sell his used car to an underling.
But in late 2007, Bank of America CEO Ken Lewis transfered ownership of his a 2007 Porsche 911 turbo coupe to CFO Joe Price.
Unknown is what Price paid for the car in the private transaction. But the deal raises all kinds of questions, according to a story by Boston Business Journal reporter banking reporter Tim McLaughlin.
This is a car that costs more than $100,000. If Price underpaid for the car, then he owes Lewis. If Price overpaid for the car, then Lewis owes him.
Of course, both of these guys have bigger problems than the price of a Porsche. This includes mounting questions about undisclosed details surrounding their acquisition of Merrill Lynch, as well as increased calls from institutional investors to oppose Lewis’ re-election to chairman.
When it’s all over, at least Price will still have something nice to drive.
