Ken Lewis Is Very Much In the Saddle

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Photo: Getty Images; iStockphoto

So yesterday the SEC accused Bank of America CEO Ken Lewis of outright lying to shareholders about the $5.8 billion in bonuses he paid Merrill Lynch. Lewis took $33 million of TARP money, and settled with the SEC, saying he would neither confirm nor deny lying. Then the bank announced it was hiring former Citigroup exec Sallie Krawcheck, and shuffled a bunch of other senior executives around in order to "position a number of senior executives to compete to succeed" Lewis "at the appropriate time," he said in a statement. Which, somehow, is not quite now? “Ken made these changes,” bank spokesman Robert Stickler told Bloomberg. “He is very much in the saddle.”

Bank of America Shuffles Managers, Settles SEC’s Merrill Claims [Bloomberg]