The Capital For 10/1/09: Maybe The Entire Bank Should Resign Too

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America's number one bank to hate (unless CitiBank with its Ballout Field is more loathsome in your mind) has its CEO that a lot of people can't stand resigning:

Following what has been a tumultuous year since the Merrill Lynch acquisition, Bank of America (NYSE: BAC) President and Chief Executive Ken Lewis announced Wednesday he will step down from his role as the company’s head and retire. Lewis notified the bank’s board of directors that his retirement will be effective December 31, 2009.

The company plans to start a search for his successor and said someone would be lined up before Lewis’ departure.

The move is not a big surprise as analysts felt Mr. Lewis was a target following the mishandling of the Merrill Lynch deal and the need to receive government aid.

Bank of America is facing several lawsuits, both from private investors and government agencies, over the handling of that Merrill Lynch acquisition and has received about $45 billion in government over the past year.

And if anybody wants to shed tears for him, remember that he will probably have a nice golden parachute to land on as a good bye gift for facilitating in screwing the nation.

Or maybe it will be a platinum one that will be paid for by our tax dollars.