Oh dear. What's next?
I have an idea, how about you just nationalize the damn thing and stop pretending so as to avoid offended relatives of Ken Lewis? Can we finally dispense with the fiction that these are viable, private companies?
Federal officials have pressured Bank of America Corp. to revamp its board by bringing in directors with more banking experience, as regulators place the bank under increasingly heavy government scrutiny.
The move represents unusual influence by the federal government over the workings of a financial institution in which it doesn't own a stake. It's particularly significant because many of the bank's woes stem from its purchase of Merrill Lynch & Co. -- an acquisition that was completed after heavy prodding by federal regulators. The Merrill deliberations were the beginning of regulators' deepening involvement in the Charlotte, N.C., lender's day-to-day operations.
BofA Urged by Regulators to Revamp Board of Directors [The Wall Street Journal]