WOW!

HOLY CRAP! ETC!!

Last I heard, earlier today, Ken Lewis was being retained as BofA chairman. Well! Looks like that bit of wisdom was just wrong. He will remain on the board, and continue as President/CEO, but has been stripped of his title as Chairman.

I've not been a big fan of BofA since the days when they were still NCNB and moved into Texas during the banking disasters of the late 80s/early 90s (when they were known as No Cash for Nobody!) And then they subsumed BofA and assumed their name. And then, all this crap this decade came along and my 'respect' for them dropped even further.

I hadn't heard much about Lewis before the TARP hearings and then the Merrill Lynch thing broke. So I had no real preconceptions about him. But, I have to say, I was pretty unimpressed with his appearances before Congress, and his public statements/press releases since have been much less than inspiring.

Apparently, I wasnt the only one unimpressed. There was a big move today among several of the big stakeholders (read pensions and mutual funds) to oust him. The last announcement I heard this afternoon (admittedly an announcement by Bof A staff in process of counting the ballots) was that Lewis had been retained. It seems the shareholders finally get some say in the management of the big companies.