That's why, starting after the spring shareholders' meeting (at which there were several directors who received large numbers of "against" votes), the Federal Reserve started reassembling the board of directors. That's something we first started mentioning here over the summer. This revamped board was still not able to get an effective succession process in place to prepare for Lewis' surprise departure. It should entertain all kinds of scenarios such as breaking up the bank. In my view, it epitomizes a "too-big-to-fail" financial institution and hasn't demonstrated that it can manage the disparity and scope of so many businesses. If the Fed really wants to see the company change though, it should remove all directors who have ties to Hugh McColl. Once that happens, this board will start to rethink how this bank should be run from a truly fresh perspective. And they'll probably conclude it does need to be broken up.