Ken Lewis Is Gone
Not a bad move by the man about to be raided by the Fed, the AG, the SEC, the Tooth Fairy and who knows who else. In other news, the Chairman wins again.
From the WSJ.
Ken Lewis, his company faced with multiple government probes, will retire at the end of the year.
Mr. Lewis, who has been chief executive since 2001, was stripped of
his title as chairman in April after a shareholder resolution passed by
a razor-thin margin. Walter Massey was elected to replace him.
Congress, the Securities and Exchange Commission and New York
Attorney General Andrew Cuomo are investigating the company. Lawmakers
have accused him of misleading investors about year-end bonuses paid to
employees at Merrill Lynch & Co. before Bank of America purchased
the teetering Wall Street company late last year.
It is said, cause he was doing so damn well:
"Bank of America is well positioned to meet the continuing challenges
of the economy and markets," Mr. Lewis said. "The Merrill Lynch and
Countrywide integrations are on track and returning value already. We
are in position to begin to repay the federal government's TARP
We wish Ken Lewis and his trial defense team all the best as they prepare for the biggest criminal and civil onslaught against his persona in history.