Thursday, October 1, 2009
Lewis Voted off the Island
Bank of America CEO Kenneth Lewis announced his resignation yesterday. Mostly, heat has come upon him for the acquisition of Merril Lynch, possibly under the coercion of the Fed and Treasury Department, at a heavy cost to BAC shareholders. I would say his prior acquisition of Countrywide was a similar error of judgment, but he hasn't seen a fraction of the criticism for that. With those two acquisitions and all the toxic debt they held, BAC's viability relies on government subsidies and bailouts, in their multiple current forms.