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Sing along Munchkins: Ding Dong, the Witch is dead!

Well, Ken Lewis has quit his job running Bank of America, at least. No one has much sympathy for the man, after he ran the bank into the ground by buying Merrill Lynch, which promptly paid billions of dollars of early bonuses. Zero Hedge wishes his legal team all the best as it defends him and the bank from the onslaught of lawsuits and investigations by Congress, the SEC, and Andrew Cuomo, New York’s attorney general – plus some disgruntled shareholders, staff and even a customer, listed by The Deal.

Felix Salmon picks up on the suggestion that Sally Krawcheck, head of wealth management and one of the most senior women in business, could replace him. A good time to be running a mega-bank, with gazillions of dollars sloshing around to dip the profit ladle into. But, long-term, the bank (and Citi) is bound to be broken up, he predicts.

As to Ken, he is as grounded in reality as Dorothy. This from his farewell letter:

… the major strategic challenges of my tenure as CEO have been met. We have built leading market positions in every major product category in our industry. We have come through the worst economic downturn in 80 years with all the tools, assets and talent we need to succeed and win.