More on Ken Lewis's big bet

Ken Lewis, CEO of Bank of America, really bet his career on Countrywide. We've made that point repeatedly. For all the savvy deals he's pulled off--MBNA and FleetBoston--this is the one that will matter most. Many have suggested that the deal will blow up for him--and painfully so. But maybe not. Portfolio notes that he has been quite savvy about the mortgage market, and has built a conservative mortgage business at Bank of America that wisely stayed out of the subprime mess, despite the obvious appeal before the crisis. You can imagine the internal debate. He's a sophisticated thinker when it comes to mortgages and how they can drive the complete customer relationship. Obviously, he's betting he can take Countrywide and integrate the best of it while discarding the worst. The jury is out. But he may surprise his critics yet.  

For more:
- here's the Portfolio article

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