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Kenneth Lewis' days as chief executive of Bank of America may finally be numbered. Observers and investors say a settlement with the Securities and Exchange Commission may ultimately cost Lewis the top job at the nation's largest bank...
...Lewis has said that he would like to stay on as CEO of Bank of America until his firm is able to repay the $45 billion it received in government assistance during the financial crisis. Some money managers say that could take years - and it looks increasingly unlikely that Lewis will be able to hang on that long. In April, shareholders voted to strip Lewis of the title of chairman. Moreover, regulators have pushed the bank to replace a number of its corporate directors. The SEC settlement may be the final straw for Lewis...
...very rare when you split the chairman and CEO position for the top executive to stay in place," says Paul Miller, who follows Bank of America at FBR Capital Markets. The executive's performance during the financial crisis has come under increasing scrutiny in the past few months. At the center of the criticism, and the SEC complaint, is the way Lewis handled the Merrill Lynch acquisition. Lewis and his executives hammered out the details of the multibillion deal to buy Merrill over the course of a single weekend during the worst of the financial crisis. Quickly, it became apparent...
Just as Wall Street is the embodiment of America's financial industry, "the bazaar" stands for the mercantile and commercial interests that form a core constituency in Iran. Both are physical and metaphorical locations of power. Indeed, the bazaar, the center of Iranian economic life stretching back centuries, has been key to the country's political history. In January 1984, Ayatullah Khomeini addressed bazaar leaders and, while pressing for their support, flattered their importance by proclaiming, "If the bazaars are not in step with the Islamic Republic, the public will suffer defeat." So which way is the bazaar leaning...
When British forces entered Afghanistan in the autumn of 2001 in support of the U.S.'s fight against international terrorism, the aims of the deployment seemed clear and the effort justifiable. But as the conflict against the Taliban rumbles toward its ninth brutal year, America's most willing partner is asking the toughest of questions: How does this...