I am sure that you will hear a lot of talk that Bank of America's problems involve its balance sheet, so Moynihan would be the wrong choice. It's funny, but the papers promote outsider Bob Steel as the stalking horse because of his balance sheet experience. But that was not Steel's expertise at Goldman Sachs (NYSE: GS) (Cramer's Take) and it was certainly not his experience at Wachovia.

Don't forget that last I looked, the Securities and Exchange Commission has an open inquiry into the comments Steel made on my TV show, "Mad Money," about the status of Wachovia.

The reason I would go with Moynihan is that Ken Lewis was building a bank that owned 20% of America's wealth and potential transactions. Because of the unprecedented hard times in this country, the U.S. allowed two banks to own 40% of this nation's banking biz -- Wells Fargo (NYSE: WFC) (Cramer's Take) and Bank of America. It is the main reason I own both banks for Action Alerts PLUS.

The idea behind the combination of Bank of America and Countrywide and Merrill Lynch was to create a bank that had a huge share in mortgages and wealth management, as well as transactions. It makes a huge amount of sense but, of course, Lewis overpaid for everything, which is why his bank is in the top five worst performers in the KBW Bank Index in the last year. Lewis never met a bank he wouldn't overpay for.

I believe Lewis is being retired by the government because he was way too powerful and the board way too meek to stand up to him.

But, that said, the edifice he created is a winner when things get better in the U.S., provided someone knows how to harvest the most out of the American consumer and can keep all of those customers. Who better to handle it than the man who ran the customer side of the equation?

Moynihan's the man.

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Bank of America, Goldman Sachs and Wells Fargo.