Analyst defends BofA's Lewis, takeover of Merrill Lynch

08/10/2009 | NYTimes.com

Kenneth D. Lewis, CEO at Bank of America, is being scrutinized in the press and questioned by lawmakers for his knowledge about losses at Merrill Lynch before it was acquired by BofA. However, Richard X. Bove, an analyst at Rochdale Securities, says the criticism is undeserved. "The politicians and the press are trying to get Ken Lewis fired for adding value to shareholders' investment," Bove wrote in a recent message to clients. "In this new world where success should be punished this may be a new low point."

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