Bank of America

One of the goals of those producing the current economic crisis has been to force the Bank of America to better toe the line set by the cryptocracy.  Part of this project has been to get rid of BoA chairman Kenneth Lewis.  Why the cryptocracy wants this is best known by them, but it is apparent that Lewis was not fully a member of the 'club'.  His maverick ways were upsetting to the central owners of the economy.  (Most recently, Lewis had the temerity to publicly attack Treasury Secretary and central economic planner Geithner.)

Lewis saw the drive to get him coming.  He took pre-emptive action by firing cryptocracy golden boy, John Thane, a former Goldman Sachs executive who came to BoA through the Merrill Lynch merger.  Lewis, no dummy, saw that Thane was being primed to replace him as the chief officer of BoA.  So, Lewis dumped him before momentum could start building.

The firing set the central planners back a bit.  It took them a little time to regroup. This week we are seeing a renewal of the campaign to get Lewis.  First, Thane had a highly featured interview with the Wall Street Journal where he called Lewis a liar.  Next, today, an effort is being mounted at the BoA stockholders meeting to force Lewis out as Chairman of BoA.  The effort will probably fall short, but Lewis can't help but see the handwriting on the wall.

What the cryptocracy wants is pretty clear in today's WSJ.  A commentary by one Peter Eavis today spells it out:  "Mr. Lewis's star rose during a long era of consolidation and excess in banking.  Now BoA needs an operator who can successfully and profitably run a giant financial firm in a more sober, regulated environment."

In other words, 'we now have a government-run banking industry and you ain't the one we want in this key position.'

If anyone doubts that cryptocracy pays very close attention to its domain, think again.