The backlash begins...B of A ousts Lewis as Chairman

Ken Lewis has been replaced as Chairman of B of A, but will remain on as CEO.

JMO: for those of you that have been reading JMO for a while, you will recall that I said there would be a backlash from the Fed "rubber stamping" these acquisitions. As a former stockbroker, I recall that large acquisitions of public companies used to take months to complete with Govt approval not guaranteed. However, during the onset of the economic crisis (I'll consider AIG to be "ground zero"), somehow deals were being initiated on Friday and closing the following Monday. Ironically, in the attached article, Ken Lewis is being criticized for this lack of "due diligence". The Fed made the rules and Lewis followed them. I guess this is karma, because this is the same thing that happened to subprime borrowers. The banks made the rules and the borrowers followed them, then we blamed the borrower for not making better decisions.