After taking way too long to send CEO Ken Lewis packing, Bank of America (NYSE: BAC) is now taking way too long to find a successor.Charlie Gasparino reports that "The board of directors of Bank of America is likely to delay a much-anticipated announcement of a replacement for CEO Ken Lewis until next week, an effort people close to the bank say, to conduct a wide-ranging search for the bank's next leader and appease some investors and analysts who want an experienced outsider to replace Lewis."
The problem is that Bank of America is having trouble finding qualified outside candidates -- because few sane people have a desire to walk into the mess that the current regime at the company has created.
Which leads to a Catch 22: The losers are currently populate the executive offices at Bank of America created such a disaster that they may be the only people who can be found to takeover now that the King Loser is departing.
This would be a good time for President Obama's pay czar to step in and say that he will waive any caps on executive pay for an outsider who is brought in to run the company. Does it really make sense to punish an outside executive for the mistakes of his predecessors or, worse, punish taxpayers by sticking them with a new CEO who was a huge part of the problem at Bank of America?
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