I Feel Richer Already

B of A's shareholders have taken away Ken Lewis' Chairmanship, but retained him as CEO. I believe this is the first time a chairman/CEO of an S&P 500 company has been stripped of one of his titles by his shareholders: Bank of America Chief Ousted As Chairman

Mr. Lewis, who helped build Bank of America into the nation’s largest bank,
was stripped of his chairman’s title — a stinging blow that leaves his stewardship and legacy in doubt. At a contentious annual general meeting, angry investors held him accountable for what they view as a series of missteps that forced the once-mighty bank to accept not one but two government bailouts.

Lewis has made some serious errors - the biggest of which was strapping the Countrywide bomb to his chest - in pursuit of marketshare. But, he was essentially forced into the Merrill transaction by the Treasury Department and the Fed, each of which used the blunt force of gov't to force B of A into a transaction that saved the gov't from having to bailout yet another failed investment bank. For his trouble, Lewis has been hung out to dry by the political class, which has pilloried him as a Greedy Bankster even as it looks to him to help pull the economy out of recession. Is it any wonder Lewis has a perpetually steamed look in his face?

You would think that a guy like Lewis would have earned a little F*** You money at some point in his career. I, for one, would like to see him start spending it. Lewis is in trouble with his shareholders and with New York's AG office for acts largely done at the behest of his federal regulators. Rather than hiding behind his furious scowl, Lewis should really let us know what is being said to him and others behind closed doors.