NEW YORK ( TheStreet) -- Alvaro de Molina explained his sudden resignation as CEO of GMAC Financial Services by saying it's time for the "next chapter" of his career. Whoever is writing that book shouldn't even bother to pen the words "Bank of America" ( BAC).
Despite the fact that De Molina's name has been bandied about as a contender to the throne at Bank of America, it seems absurd to expect him to be welcomed home to the place where he spent 17 years before defecting to GMAC. In fact, if Bank of America is smart, it will institute a no return policy. I know that may seem harsh -- and generally I think there can be value in employees who leave and come back with new experience and perspective -- but De Molina would be returning as damaged goods. He lasted less than two years at GMAC and is leaving in the middle of negotiations with the Treasury Department to get a third round of taxpayer-funded assistance. Coincidence? Of course, the Treasury Department is denying that it had anything to do with all this and GMAC is sticking to that story line as well. Insiders told the AP that GMAC's board asked De Molina to step down.