BofA CEO Lewis Not Off the Hook

He also knows that his board has undergone a massive shakeup, ejecting some of his loyal supporters in favor of outside leaders with more banking or regulatory experience. He has pledged to stay at the helm of BofA until it begins repaying TARP dollars, but he knows that may be a long road ahead, and that his days may be numbered.

"I think he made two ill-advised acquisitions that were going to build his empire and his prestige and such," says Seiver, referring to Merrill and BofA's other troubled acquisition, Countrywide Financial. "But I don't think they were going to help shareholders of Bank of America and in the end, maybe it didn't help him."

The decision to finalize the Merrill deal wasn't an easy one and wasn't lightly made. Whether it was the right choice is up for debate. It may not be determined until many years ahead, when it's clear how Merrill performs as a fully integrated component of a private, independent financial institution.

Perhaps the answer lies in how long that takes.

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