Bank of America is scheduled to hold its annual shareholder meeting on April 29 in Charlotte, North Carolina. It will be the best show in town. There's a whole lot of anti-Ken Lewis sentiment out there, but the question remains: Will angry shareholders have enough momentum to really do anything meaningful? On Friday, two proxy advisory services, RiskMetrics Group and Glass Lewis & Co., added to the pressure by issuing reports that would essentially favor stripping Lewis of his chairman status in favor of an independent chairman. They're not trying to oust him as CEO, although Glass Lewis asked investors to also question whether he is the right man for that job, reports Reuters.

Frankly, the board ought to consider whether Lewis should serve as chairman. In fact, he probably sees the writing on the wall and wouldn't oppose an independent chairman. You can't go wrong in this day and age by splitting the chairman and CEO jobs. The worst thing you can do right now is nothing. Ken Lewis will have a room full of angry shareholders to contend with. His defense, if there is one, will be interesting. I wonder just how much of a carnival this will become. 

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