The good news: Bank of America (BAC) has ousted its chief risk officer. The bad news: Bank of America has replaced her with Greg Curl, who oversaw the acquisition not only of Merrill Lynch but also of Countrywide, which was run fraudulently (according to the SEC) by Angelo Mozilo. Some risk management there.
Curl is a dealmaker, not a risk-management professional; he’s also far too close to senior management, and far too invested in prior strategic decisions, to effectively serve in his new role. The choice of Curl is an atrocious one, and I hope that BofA’s regulators are making their displeasure known in no uncertain terms.
