One company that has been in the news a lot lately is Bank of America.The Board announced plans to appoint an emergency CEO. Of course, everyone has heard of Sallie Krawcheck’s ‘don’t-want it-but-behind -the- scenes-working-to-get- it’ bid for the CEO position at BOA.

The Justice department is getting personal in its fight against corruption. Employees and not just corporations are now being charged with corruption. 2 employees of KBR Inc.(formerly Halliburton Co.) as well as 6 employees of Control Components were charged under the Foreign Corrupt Practices Act

The Indian Offshore services provider Satyam, a disastrous example of India’s corporate governance oversight, is on the market once again.
L&T is looking to sell its stake in Satyam that it purchased early this year.

Last week also recorded the basement price at which Phibro LLC (a part of Citigroup) was sold to Occidental. Citigroup was rumoured to have been arm twisted into selling Phibro to rid itself of the highly compensated energy trader Andrew Hall. His compensation for 2008 was around $98 million and a huge source of aggravation for Citigroup CEO Vikram Pandit who had to face more than usual flak over Citi’s pay practices.

The fact that Bank of America’s Board is scurrying around for a Chief Executive Officer for their company, speaks volumes about the functioning of their Board.

The credit and mortgage crisis has been around for sometime now. The deal with Merrill blew up in Bank of America’s face more than a few months back and it is now that the Board starts looking for a CEO successor? Read the rest of this entry »