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And now we're back with more from the "Who the hell cares what he thinks?" file:Former Bank of America (NYSE: BAC) lead director Temple Sloan tells Bloomberg that the company should pick an insider from Bank of America to be its next CEO -- because an outsider wouldn't be familiar with how the company (doesn't) work. He supports handing the job to Brian Moynihan, consumer banking head, or Barbara Desoer, who runs home loans and insurance.
Interesting ideas! Why isn't Mr. Sloan still on the board of directors?
Oh, right. He was pushed out after the company's disastrous acquisition of Merrill Lynch that sent shareholder value into the toilet and required a federal bailout to prevent Bank of America from failing and torpedoing the broader economy. Oh, and let's not even talk about all the federal and state investigations that mess prompted.
Asking Temple Sloan what Bank of America should do about succession and corporate governance is like asking Michael "You're doing a heck of a job" Brown what should be done to improve FEMA. The current board should be more contrarian: If Sloan says an insider is needed, then an outsider should be chosen.
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