University of Rhode Island Professor of Political Science Nicolai Petro in prepared remarks to this week's conference said Ukraine would be the "overwhelming loser" in the conflict with Russia. The Financial Times (FT) reported that Petro's comments, along with those of other speakers, sparked an uproar that forced Bank of America to end the two-day event prematurely.
"I think there is a big difference between cheerleading and analysis, and I was providing the latter," Petro said. "When I say that 'Ukraine would be the overwhelming loser,' I simply mean that this war has set it back further than it was before the war, when it was already the poorest nation in Europe."'
Getting Ukraine on a healthy and sustainable economic growth track, he continued, would therefore require several decades of internal and external political stability.
Internal stability means reaching a political settlement and external stability requires a postwar settlement with Russia over borders and better relations, he added.
"Without both of these, no serious investment will ever flow into Ukraine, and the country will inexorably decline," Petro said. "Unfortunately, I don't hear any talk about how to achieve these objectives that are essential for the survival of Ukraine from political leaders in the West, Russia, or Ukraine."
According to the FT report, attendees also specifically mentioned Daniel Sheehan, Bank of America Securities' head of international relations, who criticized Ukrainian President Volodymyr Zelensky during the event and described him as "a master manipulator" about whom there were "serious concerns" in the Biden administration, the report said.
One outraged attendee at the function cited in the report said "it was more like Bank of Russia than Bank of America."
Bank of America in a statement said all external speakers are independent and apologized to displeased clients.