One of the most entertaining parts of watching former corporate titans under investigation is watching them invoke the "I'm stupid" defense.

When he appeared before Congress to discuss the collapse of Enron and the company's phony accounting, Jeff Skilling's defense consisted of "I'm not an accountant."

Continue reading Ken Lewis Pulls a Jeff Skilling

Ken Lewis Pulls a Jeff Skilling originally appeared on BloggingStocks on Fri, 19 Feb 2010 16:40:00 EST. Please see our terms for use of feeds.

Continue reading Treasury Does Not Have the Authority to Allow Ken Lewis to Violate Securities Laws

Treasury Does Not Have the Authority to Allow Ken Lewis to Violate Securities Laws originally appeared on BloggingStocks on Fri, 05 Feb 2010 16:20:00 EST. Please see our terms for use of feeds.

Earlier this month, it was reported that Bank of America (BAC) might not announce a replacement for departing CEO Ken Lewis until Thanksgiving.

Now Thanksgiving has come and gone, and there is still no word of a new CEO for Bank of America.

"The selection process is continuing, internal and external candidates are being considered and a decision will be made in the near future," BofA spokesman Scott Silvestri told CNBC, which is speculating that the process could linger on into next year.

Continue reading Why isn't Bank of America updating its shareholders on CEO situation?

Why isn't Bank of America updating its shareholders on CEO situation? originally appeared on BloggingStocks on Fri, 27 Nov 2009 09:00:00 EST. Please see our terms for use of feeds.

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."

Continue reading Ken Lewis says he could stay on as CEO indefinitely

Ken Lewis says he could stay on as CEO indefinitely originally appeared on BloggingStocks on Sat, 21 Nov 2009 13:40:00 EST. Please see our terms for use of feeds.

Continue reading Ken Lewis' successor could be... Ken Lewis?

Ken Lewis' successor could be... Ken Lewis? originally appeared on BloggingStocks on Fri, 20 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

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.

Continue reading Bank of America chairman sails away while company seeks new CEO

Bank of America chairman sails away while company seeks new CEO originally appeared on BloggingStocks on Thu, 12 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

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:

Continue reading Bank of America's board of directors fights over Lewis' successor

Bank of America's board of directors fights over Lewis' successor originally appeared on BloggingStocks on Mon, 09 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

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.

Continue reading Bank of America choosing an 'emergency' chief executive, just in case

Bank of America choosing an 'emergency' chief executive, just in case originally appeared on BloggingStocks on Mon, 05 Oct 2009 10:00:00 EST. Please see our terms for use of feeds.

Continue reading Ken Lewis hits the pension jackpot

Ken Lewis hits the pension jackpot originally appeared on BloggingStocks on Fri, 02 Oct 2009 15:00:00 EST. Please see our terms for use of feeds.

Continue reading Analyst calls Ken Lewis 'phenomenally good'

Analyst calls Ken Lewis 'phenomenally good' originally appeared on BloggingStocks on Thu, 01 Oct 2009 17:00:00 EST. Please see our terms for use of feeds.

Continue reading Former Enron exec gets 16 months in the pokey

Former Enron exec gets 16 months in the pokey originally appeared on BloggingStocks on Tue, 29 Sep 2009 11:00:00 EST. Please see our terms for use of feeds.

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.

Continue reading Will legal woes finally lead to the end of Ken Lewis' reign of terror?

Will legal woes finally lead to the end of Ken Lewis' reign of terror? originally appeared on BloggingStocks on Tue, 22 Sep 2009 13:10:00 EST. Please see our terms for use of feeds.

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.

Continue reading FBI interested in Bank of America's Merrill Lynch deal

FBI interested in Bank of America's Merrill Lynch deal originally appeared on BloggingStocks on Mon, 21 Sep 2009 13:30:00 EST. Please see our terms for use of feeds.

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."

Continue reading Brave analyst defends Bank of America CEO

Brave analyst defends Bank of America CEO originally appeared on BloggingStocks on Sun, 09 Aug 2009 10:10:00 EST. Please see our terms for use of feeds.

Bailed-out CEOs still taking corporate jets, thank you very much originally appeared on BloggingStocks on Fri, 19 Jun 2009 15:00:00 EST. Please see our terms for use of feeds.

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.

Continue reading Market Close: Confidence flat, gas up

Market Close: Confidence flat, gas up originally appeared on BloggingStocks on Fri, 12 Jun 2009 16:00:00 EST. Please see our terms for use of feeds.

Continue reading Bank of America says it was pressured into Merrill Lynch deal

Bank of America says it was pressured into Merrill Lynch deal originally appeared on BloggingStocks on Thu, 11 Jun 2009 09:45:00 EST. Please see our terms for use of feeds.

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.

Continue reading Bank of America looks to add competent people to board of directors

Bank of America looks to add competent people to board of directors originally appeared on BloggingStocks on Sun, 31 May 2009 15:10:00 EST. Please see our terms for use of feeds.

Say what you will about Bank of America (NYSE: BAC) CEO Ken Lewis, but you have to give him this: He's a survivor.

Here's a guy who made acquisitions that should have bankrupted his company, but was able to get the United States government to take on the risk and leave the upside to him and his badly-beaten shareholders -- and then tried to blame the whole thing on the Treasury Department.

But through all that, he got to keep his job as CEO. True, he did lose his title as chairman of the board: But doesn't that seem kind of like kicking the Unibomber off the co-op board?

Continue reading Can Ken Lewis keep his job? Yes, yes he can!

Can Ken Lewis keep his job? Yes, yes he can! originally appeared on BloggingStocks on Mon, 25 May 2009 11:00:00 EST. Please see our terms for use of feeds.

Bank of America (NYSE: BAC) CEO Ken Lewis has been trying to sell the South Carolina vacation home he owns in partnership with a North Carolina restaurateur for three year. He just slashed the price by 13% -- to $3.3 million.

The Wall Street Journal reports (subscription required) that "the 5,700-square-foot Low Country home is on Spring Island, a causeway-accessible private community near Hilton Head Island, and has three bedrooms, a screening room and an office. The property has a deepwater pier and is near the island's 1,300-acre nature preserve. The home was off the market for a number of months."

Continue reading Bank of America CEO cuts price on vacation pad

Bank of America CEO cuts price on vacation pad originally appeared on BloggingStocks on Fri, 15 May 2009 16:20:00 EST. Please see our terms for use of feeds.