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Updated from 12:58 p.m. EDT
Bank of America's (BAC Quote) decision to part ways with three former Countrywide Financial executives after its acquisition of the mortgage lender last year is a silver lining in the dark cloud perpetually hovering over CEO Ken Lewis.
The Securities and Exchange Commission has accused the russet-skinned former Countrywide CEO Angelo Mozilo of misleading investors about the risks involved in its mortgage lending operations while selling off stock for a $140 million profit. The agency is charging former COO and president David Sambol and former CFO Eric Sieracki with fraud as well.
Thankfully, this mess didn't happen on BofA's watch -- which BofA is happy to point out. ...
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