After previously announcing that he would leave the CEO post in December, Bank of America (BAC) head Ken Lewis is backpedaling in light of the company's difficulty in finding a replacement.

The Wall Street Journal (subscription required) reports that Mr. Lewis "has said he would consider postponing his retirement if directors need more time to find a successor or smooth the transition to the next CEO, according to a person close to him."

In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in common with 12-year old girls' Valentines to Zac Efron than conventional research.

But he has outdone himself this time. While Bank of America's chairman of the board goes on a cruise instead of devoting all his energy to finding a successor, Mr. Bove has found the solution to replacing Ken Lewis: "In sum, Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it," Bove wrote in a research note issued this morning. "At this point in the company's history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get."

Bank of America (BAC) is in the midst of a frantic search for a CEO to succeed Ken Lewis, who is stepping down before the end of the year.

In an article on Bank of America's murky succession plan, USA Today buries this newsworthy factoid seven paragraphs down. From the "You can't make this stuff up" department:

BofA Chairman Walter Massey, who is leading the search, is currently on vacation on a ship and will not be reachable until Nov. 23, according to Morehouse College, where Massey is president emeritus.

The Bank of America (BAC) travesty of corporate governance continues to grow increasingly tragicomic.

A quick recap: Bank of America's board of directors took way too long to kick CEO Ken Lewis to the curb and now it can't pick a successor because of infighting. Meanwhile, the board and the company's executives -- including those who are being considered for the CEO job -- have made such a mess of the whole thing that no one who isn't already part of the company will consider taking the job.

Charlie Gasparino of CNBC reports:

According to a Wall Street Journal report (subscription required) on Monday, Bank of America (NYSE: BAC) is set to choose an emergency chief executive officer (CEO) -- just in case Ken Lewis (the current CEO) is forced to step down thanks to legal issues. The decision was in the works before Lewis announced he would retire effective New Year's Eve, but the situation ramped up after New York Attorney General Andrew Cuomo hinted that he may file civil charges against Lewis.

Five people comprise the committee that was formed earlier this year, with Bank of America Chairman Walter Massey leading the way. The committee was originally created to respond to concerns raised by U.S. banking regulators, but it has now shifted its focus a bit. The committee will give the choice to the full board for approval, but then the U.S. banking regulators will have to approve the choice, basically allowing the government to hand pick their choice. Once this process runs its course, the plan will then be shuttered until it is needed.

In a capitalist society, Milton Friedman and most other economists would tell you, the best way to get rich is to create a lot of value for other people.

But failing that, you can also get really rich destroying value for other people as well. Fortune's Colin Barr reports that Mr. Lewis will exit to $53 million in pension benefits -- which equates to about $3.5 million per year for the rest of his life. People who bought shares in Bank of America (NYSE: BAC) when Lewis took over in 2001are still badly in the red on their stake in the company.

Most observers have been shocked by how long Ken Lewis was able to hold onto his job as CEO of Bank of America (NYSE: BAC) as long as he was.

But not Rochdale Securities analyst Dick Bove, who told CNBC that "The guy has been phenomenally good... to push him out now because of a witch hunt is totally inappropriate."

Are we talking about the same Ken Lewis? Let's go through a quick list of Lewis' phenomenal accomplishments:

fJoseph Hirko, the former CEO of Enron's internet division, has been sentenced to 16 months in prison for his role in what was at the time the largest securities fraud case in United States history.

Mr. Hirko pleaded guilty to one count of wire fraud as part of a plea bargain. He apologized for his crimes before being sentenced. He will also pay $8.7 million in restitution. According to the New York Times, "Mr. Hirko, who now owns a business that rents tables, chairs and other equipment for parties and other events, will remain free on bond until he reports to prison in the next few months."

Will the owner of a party rental business be able to satisfy an $8.7 million judgment? Who knows.

Bank of America (NYSE: BAC) CEO Ken Lewis has managed to survive a massive decline in shareholder value, two government bailouts, a raft of shareholder lawsuits, SEC investigations, civil fraud charges, and a wave of populist angst about the company's business practices.

But now CNBC reports that experts are questioning whether Lewis will be able to hang on as investigations of the company's acquisition of Merrill Lynch intensify. The FBI is reportedly taking a look, which suggests that criminal charges could follow.

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.

Bank of America (NYSE: BAC) CEO Ken Lewis has very few supporters right now, with the inexplicable exception of the board of directors at his own company.

But don't worry, Ken: Analyst Richard X. Bove of Rochdale Securities is leaping to your defense.

"The politicians and the press are trying to get Ken Lewis fired for adding value to shareholders' investment," Mr. Bove wrote in an e-mail message to his clients. "In this new world where success should be punished this may be a new low point."

What's that? You think that just because you're on welfare, you shouldn't be allowed to charter a jet for a personal vacation? You're un-American!

The Wall Street Journal reports (subscription required) that "Flight records show numerous occasions when banks receiving federal money have flown their planes to destinations near resorts or executives' vacation homes, including spots in Europe, Mexico, the Caribbean, south Florida and Aspen, Colo. In some cases, it's clear that bank executives were traveling for personal reasons; for other flights, many of which were over weekends or holidays, the passengers and purpose couldn't be established."

Bank of America (NYSE: BAC) was one of the "Let's take taxpayer money and book flights to Aspen." "We are implementing a new policy in 2009, under which personal use of aircraft will not be permitted," a spokesperson told the Journal.

The market spent the day as it has many a Friday in the summer: slowing going no where.

The University of Michigan/Reuters consumer sentiment index showed a very modest increase in June up to 69, from 68.7 in May. The same survey showed that expectations for six months from now actually dropped.

Oil and gas prices still dominated the headlines. Oil still hovers around $72 and the average price of gas rose for the 45th consecutive day to $2.63. The has to rattle consumers who have precious little discretionary income as it is.

Bank of America (NYSE: BA) CEO Ken Lewis threatened to use a "material adverse change" (MAC) clause to kill the agreement to buy Merrill Lynch because he wanted to get a lower price, according to the Financial Times. New e-mails reveal how he was then pressured to proceed with the deal.

A House committee on oversight and government reform is investigating whether or not undue pressure was put on Lewis in order to complete the deal to purchase Merrill Lynch. Reportedly, the Federal Reserve would not comply with the committee's request for documentation and e-mails regarding the accusations, but the committee issued a subpoena to the central bank on Tuesday. Lewis is set to testify about the matter today at a congressional hearing.

This Wall Street Journal (subscription required) blurb says it all: "A BofA director has quit and more resignations are expected as the company seeks to remake its board with bank and finance experts."

Aha! What a novel idea!

One of the largest banks in the world has decided that maybe, just maybe, it would be a good idea to put people on its board of directors who are experts in the world of banking. This is a perfect example of the corporate governance breakdown that drove Bank of America (NYSE: BAC) to its current state -- and a great example of why CEO Ken Lewis and every other member of the company's board of directors should be kicked out as a condition of the billions in bailout money the company has received.