Major player in the financial meltdown resigns

For almost a year now I have been saying that one of the things that will lead to a solid recovery and lasting change is a change in the people who led us into this deep recession. Today it was announced that Bank of America’s CEO Ken Lewis will resign at the end of the year. The reason given to the Board of Directors was that he is tired of the criticism he has received subsequent to the controversial acquisition of Merrill-Lynch.

Regardless of the reasons for his resignation the fact is that a very major player is leaving. As a modern Schumpeter might say: “Creative Destruction Baby!” Lewis’ resignation clearly falls into the “destruction” column. And those ashes fertilize a new cycle of creation.

I own shares of Bank of America and feel that Lewis’ resignation will be received positively. His tussle with New York AG Andrew Cuomo has distracted shareholders, and prospective shareholders, from the business itself.

Bye Ken Lewis.

Jason