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The Bank of America (NYSE: BAC) CEO's "What's a Guy Got to Do to Get Fired Around Here" campaign took a new twist this weekend when The New York Post reported that the FBI and the Justice Department were taking a look at his company's controversial acquisition of Merrill Lynch.
That's just the icing on a great week for Mr. Lewis that included a District Court Judge's rejection of the company's settlement with the SEC and a set of subpoenas issued to by the New York attorney general to five of the company's directors. Of course that was nothing compared to Warren Buffett's characterization of Mr. Lewis as an "ironic hero" whose sheer incompetence saved the global financial system while destroying his own company.
To recap Mr. Lewis' tenure as CEO of Bank of America: destroy enormous amounts of shareholder value while spurring on lawsuits, federal investigations, and massive amounts of populist resentment among gouged consumers.
I've said it before but I have to ask again: How is it even remotely possible that Ken Lewis can still be CEO of Bank of America?
Yes, I know he lost his title of chairman of the board of directors. But isn't that little bit like demoting Edward Smith to second-in-command after the Titanic hit the iceberg?
It's time for Bank of America's board of directors to do what everyone else has known needs to be done for months: toss Lewis overboard.
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Reader Comments (Page 1 of 1)
9-29-2009 @ 8:35AM
Allen said...
There is an interesting website (www.law360.com) which post the majority of the pending legal preceedings in the business arena.
I looked at J.P Morgan Chase as an example and was amazed at the litigation this company has faced or faces.
They are now entering unchartered waters by trying ot set-up in the State of Florida.
This is not a company I want in my state. After you read upon them I suggest you contact you senators and representatives to have them audit their pratices.