Good night, sweet prince.They did it! With two whole weeks to spare, Bank of America's fractious, barely-functional board of directors managed to hire a CEO. Congratulations, Brian Moynihan, on being handed the Worst Job on Wall Street in the great "don't pick me" sweepstakes.
But now is not the time to discuss the unanimous selection--through gritted teeth, we must imagine--of one of the only guys who wanted the job and of one of the guys the board desperately didn't want to hire. That could not have been made more clear. While Moynihan and other insiders--condolences, Greg Curl, and best of luck finding another dysfunctional bank to work at--threw themselves at the board, hoping for a little action, the board held out for something sexier. Well, 4 A.M. came before she did, I guess.
No, friends, now is a time to reflect upon the tenure of the inimitable Ken Lewis and to weep for his loved one, Dick Bové. Unlikely as this seemed just a few weeks ago, the Kenster will actually be taking a bow at the end of the year. Certainly, the Moynihan era promises a great deal of fun at the expense of BofA, but we won't see the likes of Ken Lewis around these parts any time soon.
BofA Taps Moynihan as CEO [WSJ]