Would extricating itself from TARP and other government programs really be the magic bullet for Bank of America? If it can pay back its TARP borrowing, would the air suddenly be cleared? I don't think so. The fact is that the banking industry climate right now is not terribly hospitable, and there may be a danger in moving too quickly on this--only to suffer massive losses over the next year or so.

But you can't blame the bank for wanting out. You can't blame them for wanting a magic bullet solution, to solve all their woes. I can't think of what that would be, though. If the newly constituted board were to go ahead and name a new CEO, that would symbolically wipe the slate clean, but it certainly doesn't solve the Judge Jed Rakoff issue.

The bank just defied a congressional order to produce more info regarding Merrill Lynch deal disclosure issues. A dramatic, symbolic move may soon be necessary. 

For more:
- here's a New York Times article about the bank's recent moves

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