Ken Lewis Bank of America to Retire

Ken Lewis Bank of America to Retire

Ken Lewis Bank of America to Retire and Bank of Oklahoma was practically a fixture on Capitol Hill during the Wall Street bailout debate and subsequent oversight discussions. But Ken Lewis, CEO of Bank of America, is set to retire at the end of the year.

Gm saturn-Lewis and BoA have been in hot water over their government-backed deal to acquire the failing Merrill Lynch in December. At the time of the deal, Merrill was set to pay $5.8 billion in employee bonuses — bonuses that BoA executives didn’t reveal to their shareholders, who approved the buyout.

Penske saturn-The saga didn’t escape Democratic leaders on the House Oversight and Government Reform Committee, whose ongoing investigation of the deal has gained public prominence with several Capitol Hill hearings. Rep. Edolphus Towns (D-N.Y.), who chairs the panel, issued a statement Wednesday warning Lewis’s that the probe will continue despite the changing of the guard.

Bank north:

Our investigation has uncovered troubling facts aboutBank of America’s acquisition of Merrill Lynch, and Mr. Lewis was at the center of this controversy. We hope that Bank of America’s new leadership will quickly repay American taxpayers and help us finally resolve unanswered questioned about this merger.

With John Thain out, the most likely successor is probably Brian Moynihan, the man who was parachuted in to save the day in the wake of Thain’s ouster. But the fact that BofA isn’t announcing a successor now is indicative of the chaos within the bank, and indicative too that Lewis’s departure isn’t entirely voluntary.

Did Massey finally get fed up with the SEC, and the New York attorney general, and Judge Jed Rakoff, and half of Congress, and a large part of the shareholder base, all calling for Lewis’s head? Maybe we’ll see when details of Lewis’s exit package emerge. My guess is that his last act as CEO will be to strong-arm the board into giving him something very generous.

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