B of A is in the headlines:
B of A is rebranding it's mortgage operations and dropping the Countrywide name.
CEO Ken Lewis claims he was pressured by the Fed regarding the Morgan Stanley deal.
Ken Lewis escapes being fired in January, only to find himself fighting to keep his job once again.
JMO: Ken Lewis has a history of making unpopular decisions that end up being great successes. He is currently being held accountable for acquisitions of Countrywide and Morgan Stanley. I think it is too soon expect a turnaround of these two companies. With the overall economy still in turmoil, and no discernible impact from the TARP funds I think it is unrealistic to expect that a few companies (B of A, GM, Chrysler, AIG) would be able to show significant improvement in less than a year.
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