Ken Lewis’ dramatic firing of John Thain from BofA only highlights the next departure — Ken Lewis.
He bought Merrill at the height of the crisis and clearly fumbled the due diligence on the deal. Otherwise, why does he need $20b in funds and $120b in guarentees from the Feds to do the deal only a few short months later?
A hidden winner in all this? Old Friend Brian Moynihan, who takes over for Thain.