This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank of America Wants a Lewis Clone

Stocks in this article: BAC

The reality of the situation is evident from the fact that Bank of America has a CEO search to begin with.

Supporters say that Lewis is a talented and experienced banker whose knowledge and dedication still make him the best man to lead Bank of America. But critics -- taxpayers and shareholders alike -- are unhappy with his handling of the Merrill Lynch acquisition in the midst of the financial crisis.

As the investigations, lawsuits and regulatory pressure piled up, he announced his resignation on Sept. 30 upon returning from an end-of-summer holiday. He was supposed to have stayed on board well into 2010 -- at least until Bank of America started to repay TARP funds -- while priming an internal candidate to replace him.

Lewis described his surprise departure as a personal choice. But there's little doubt that at some point during his fiesta in the Colorado mountains a Federal Reserve official's threat to get "a pound of flesh" out of him might have come to mind.

Whomever replaces Ken Lewis will have a difficult task ahead, whatever his or her relationship with regulators. But Lewis is leaving without a salary for 2009 and as a defendant in several lawsuits; Citigroup (C) CEO Vikram Pandit is defending himself against what appears to be a government-originated smear campaign; and Bob Benmosche has fought tooth and nail for American International Group (AIG)salaries. On the other hand, JPMorgan Chase's (JPM) Jamie Dimon's name is being tossed around as a potential Treasury secretary. His bank is nearly as large as Lewis', but no one is threatening to take an axe to it.

2 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,081.17 +50.96 0.28%
S&P 500 2,092.04 +10.16 0.49%
NASDAQ 4,813.4340 +39.9620 0.84%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs