The board of Bank of America finds itself in a tough spot. Do they support CEO Ken Lewis, named the Banker of the Year not too long ago, who is suddenly on the hot seat for a series of missteps regarding Merrill Lynch? Or do they jettison him? It's not considered a board beholden to Lewis.

The New York Times notes that two directors have closer ties to Lewis's predecessors. Only two have any real experience in banking. My guess is that they will stick with Lewis for now, even in the face of mounting shareholder pressure. But if things don't change, they will be mindful of being seen as sticking with a losing horse for way too long. No one wants to be seen as a rubber stamper these days.

For more:
- here's the New York Times article

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