The pickings appear to be slim in the hunt for a worthy successor to Ken Lewis as CEO of Bank of America (BAC). The board would have to be very circumspect about elevating an internal candidate. The top candidates are encumbered by the baggage of internecine conflict: The Fleet crowd versus the old Bank of America crowd.

Why would the board want to wade into that, and why wouldn't it want to seek an outsider who can mark the beginning of a brand new era? The problem is that the pickings of outside candidates are slim as well. You're asking for big bank experience, no skeletons in the closet from the previous crisis, lots of experience in managing diverse businesses, experience with post-merger integration and on and on.

Who fits the bill these days? TheStreet.com notes that the search is being complicated by Stephen Feinberg's review of bank compensation policies at top banks. 

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