What's really hampering the Bank of America's search for a new CEO? When PNC's William Demchak rejected an overture from a recruiter hired by the Bank of America board last week, he became merely the latest to do so.

This time around, the news leaked with concerns about money and government pay restrictions. The Wall Street Journal said Demchak rejected the idea in large part because Kenneth Feinberg would have to approve his pay package, and he feared the pay czar would look unfavorably on any attempt to buy out his PNC shares.

Now this may strike some as convenient scapegoating--you can always blame the pay master. But I'm sure he would be reasonable for an outside candidate. Even with Feinberg looming, it would have been hard to find someone with investment banking and consumer banking expertise. My money is still on an internal candidate.

For more:
- here's a Reuters article

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