BofA's search for an 'emergency' CEO means it's moving on

Bank of America's (BAC) leaked decision to appoint an "emergency" CEO likely has investors questioning what the embattled bank's board of directors know about the likelihood of criminal charges soon surfacing against outgoing Chief Executive Ken Lewis. A five-member committee at BofA is due to select an emergency CEO this week, the Wall Street Journal (WSJ subscription required) reported Monday. The panel, led by Chairman Walter Massey, was formed earlier this year to respond to concerns raised by U.S. banking regulators.

Both the Securities & Exchange Commission and New York State Attorney General Andrew Cuomo are threatening legal action following the bank's failure last year to disclose $3.6 billion in bonuses paid to executives at Merrill Lynch prior to the closing of its merger with BofA.