Bank of America CEO resigns

By Daily Maverick Legacy 1 October 2009

Now, here’s piece of news that surprised nobody at all: Ken Lewis, the mighty engine behind BofA’s huge growth, has finally buckled under pressure from the US Government – and his own people, and just about everyone else. His luck ran out after the disastrous purchase of Merrill Lynch for $50-billion late in 2008 and subsequent outrageous losses and bonuses that were paid as the bank was asking for $45-billion in federal assistance. Though ambitious it must be said that he was pushed into purchasing Merrill by the then US Treasury Secretary, Hank Paulson, in order to save the US financial system; Merrill’s bankruptcy would have made Lehman’ look like a picnic. And now he’s out. Nobody said life, or business, is fair.

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