Ken Lewis, Failure.

Bank of America chief executive Ken Lewis was named "Banker of the Year" by the trade publication American Banker in December. At the same time, John Thain was reportedly making his case for a $10 million bonus from Merrill Lynch's board of directors.

What a joke. These two banking executives were hailed for saving Wall Street from another collapse when they reached a deal to sell Merrill Lynch to Bank of America for $50 billion over a weekend in September.

That deal now appears to have been a disaster.

Lewis told investors this morning that the condition of the assets on Merrill Lynch's balance sheet deteriorated so dramatically during the final days of December that he considered abandoning the deal altogether. That threat was enough to force the U.S. government to agree to yet another massive bailout in order to stave off that collapse that Lewis so bravely thwarted in September.

Taxpayers should be nothing short of enraged. Shareholders who approved the deal should be outraged. Kew Lewis is no banker of the year and John Thain is no hero. They are merely used car salesmen who know how to dress up a lemon and hawk it to some unsuspecting old woman by telling her she's getting a great car for a great price.

Let's recall their pitch:

On the Merrill Lynch asset assumptions when the deal was struck:

Lewis: "The numbers that we presented today, we had considered marks on the assets as well as planned actions that Merrill Lynch has either executed or had in the works during the quarter as they continued to make progress in risk reduction. So those have been done...So again back to the earlier point, we're pretty familiar with the types of assets and feel pretty good about the progress that Merrill Lynch had made itself."

"Many strong companies have fallen victim to this environment while others have capitalized on opportunities as they have presented themselves. Merrill has been a strong respected competitor in the market place that we know well, but the market continues to question the viability of the stand-alone investment bank. This transaction helps ensure Merrill Lynch can continue to operate effectively for the clients on enhancing the long-term value we can create for Bank of America shareholders."

Thain: "I just want to add to Ken's comments about what a tremendous strategic fit our businesses are here and what great opportunities we see for the future of this combined franchise."

Then in October, Ken Lewis told Lesley Stahl on 60 Minutes that he believed it was his patriotic duty to take the $25 billion in TARP money even though his bank didn't need it. With another $20 billion in cash and a whopping $118 billion in loan guarantees, Lewis must be draping himself with the American flag these days.

The bottom line is that Ken Lewis is a failure. Bank of America has now received more bailout money than the bank is worth. He believed he was doing everyone a favor when he agreed to buy Merrill Lynch with very little due diligence. But now we know he's nothing more than just another bank executive who refuses to read the writing on the wall about just how worthless the junk on the balance sheet really is.

by Megan Barnett