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• a too-obvious commodity linkage,
• why selling makes sense, and
• the resilience of the mobile Internet industry.

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BofA Will Do Well Without Lewis
Posted at 6:07 p.m. EDT, Sept. 30, 2009

Ken Lewis simply couldn't keep the job at Bank of America(BAC Quote). Not with so many enemies, like the attorney general of the state of New York, major shareholders, the SEC and, of course, the Justice Department. No bank can afford to have its CEO indicted, and that may have been on the table behind the scenes. No bank can be a fiduciary if that happens.

Plus, it is obvious to me that the regulators are just going to make his life miserable with depositions and sheer amounts of time, which means that he simply can't do his job.

Like Doug Kass, I own Bank of America -- of course in my case for Action Alerts PLUS -- and that's because it is a great play on a call on the turnaround in the U.S. economy. But it was a tainted call as long as Lewis was in charge.

Now that we know he is going, I suspect that people sidelined by worries about litigation will come in now and use this stock as their play on the turn.

All in all, a good move for all.

At the time of publication, Cramer was long BAC.