We Called It: Uncle Sam's BofA Board

Bank of America has reportedly reshaped its board at the behest of a secret agreement with federal regulators. Of course, this was no secret to readers of Eric Jackson's July 1 story, reprinted below:

Last April, all eyes were on the Bank of America(BAC) shareholders meeting.

Many expected CEO Ken Lewis to lose the title of chairman -- which he did. But others, including me, expected that such a result might be a precursor to Lewis losing his job entirely and to other changes to the board.

So far, Lewis still has his job, but in a very non-public way the government appears to be engineering a number of steps to change how the country's largest bank is governed. In my view, Lewis will exit the bank sometime between September and February. ...