So long Ken Lewis?

August 11, 2009 | By Jim Kim

People have been speculating about how long Ken Lewis will remain as CEO of Bank of America, for a while. The question now is whether Judge Jed Rakoff's refusal to rubber stamp a settlement between the bank and the SEC is the death knell; some think it is.

"One way or another, he's going," one lawyer tells Bloomberg. Clearly, the judge has raised some deep questions, re-opening all the questions about Lewis's conduct. If any one thought--the bank and the SEC perhaps--that the episode could be swept under the rug, they were wrong. The judge has asked for more information; we'll see what that leads to, but the SEC is in the odd position of defending why it didn't take a harder line.

For more:
- here's the Bloomberg article