BofA: Lewie, Lewie

Bank of America is bracing for the worst. The bank is raising $10bn by issuing stock, and saving another $5.6bn annually by halving its dividend. In normal circumstances, shareholders might not support such moves. But BofA’s shareholders should welcome chief Ken Lewis’s decision to defensively fortify the balance sheet. Like JPMorgan’s Jamie Dimon, he looks to be setting a new benchmark in prudence. That’s not to say that shareholders should ignore some clear negatives. After all, Lewis is taki...