The Wall Street cage match over Bank of America's purchase of Merrill Lynch started a new round today, with Andrew Cuomo taking on Ken Lewis.

Cuomo, the N.Y. Attorney General, filed civil charges against Bank of America, former CEO Lewis and Joe Price, who was the Charlotte bank's chief financial officer at the time of the deal and now runs BofA's consumer banking division. The charges claim that bank officials misled investors about the deal.

The charges make Lewis the highest-ranking official to be accused of wrongdoing in the financial industry's meltdown.

Also today, the Securities and Exchange Commission proposed a settlement to resolve separate federal charges it brought against the bank over similar issues. It's the second time the SEC and BofA have tried to settle the case.

Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed. Cuomo called Bank of America's actions “egregious and reprehensible” in deceiving not only shareholders, but also the federal government.

Bank of America today said it will fight the charges filed by Cuomo.

Brian Moynihan believes in balance.

Moynihan, 50, who became Bank of America's CEO on Jan. 1, wrote in today's Charlotte Observer that to succeed in 2010, banks will need to balance growth with stability, the need to extend credit with responsible lending and new regulations with free markets.

The newspaper op-ed piece kicks off a flurry of interviews and media coverage to mark Moynihan's first week on the job. Moynihan also is scheduled to make his first public speech as CEO this afternoon at an annual economic forecast forum in Raleigh.

In an interview with Bloomberg this morning, he said the worst of the recession and Bank of America's biggest acquisitions are finished. "We don't have to buy anything," he told Bloomberg.

The N.C. Bankers Association and N.C. Chamber had a huge name lined up to handle the keynote speech at an annual economic forecast forum next month in Raleigh: Bank of America CEO Ken Lewis.

The groups even ran an ad in the latest edition of NC Magazine with Lewis' photo. But Lewis in late September announced that he planned to retire by Dec. 31, assuming the Charlotte-based bank can find his replacement by then. So bank officials told the groups that Lewis was backing out.

As the top sponsor of the Jan. 4 event, Bank of America needed to pick a replacement keynote speaker. The bank recently named David Darnell, president of global commercial banking.

A Raleigh businessman who recently left the board of Bank of America said the bank should pick an internal candidate to succeed CEO Ken Lewis, Bloomberg News reported.

Former lead director Temple Sloan told Bloomberg he doesn't want Bank of America to pick an outsider with limited understanding of the biggest U.S. bank's operations and strategy.

“I get tired of hearing we didn’t have a succession plan,” said Sloan, chairman of Raleigh-based General Parts Co., owner of the Carquest auto parts chain. “I had the list and we discussed it every month. There has always been a succession plan. You can’t run a company the size of Bank of America without a plan.”

Sloan, 70, a Duke University alumnus, also is founder and chairman of Highwoods Properties, the Raleigh-based real estate developer.

Ken Lewis, meet the Onion.

The online, satirical news outlet posted a mock list of "some key missteps" made by the Bank of America CEO. Lewis announced last week that he will retire later this year after coming under withering criticism from shareholders and others.

Among his mistakes:
* Accidentally set the Canton, Ohio branch on fire during a visit
* Mailed out millions of checks that incorrectly read "Bank of Armenia"
* Bank of America cash registers consistently $10 short on his shift
* Idea to have ATMs beep incessantly has driven away tens of thousands of irritated customers

Read the full list here.

At least two bankers with Triangle ties are being mentioned as possible replacements for Bank of America CEO Ken Lewis.

Lewis, who faced mounting criticism, announced last night he would retire Dec. 31. The Charlotte company said it would name a "worthy" successor before then.

There are six insiders on the list of potential candidates, including Sallie Krawcheck, a former Citigroup executive and UNC-Chapel Hill alumna, the Charlotte Observer reports. But our sister paper also mentions Bob Steel, a former Wachovia executive and Durham native.

They will have big shoes to fill. Lewis joined the company's predecessor 40 years ago and helped build it into a banking behemoth. In 2007, Time magazine named him of the the world's 100 most influential people.

Read the full Charlotte Observer story here, and find links to other in-depth coverage of Lewis and Bank of America.

Embattled North Carolina banking veteran Ken Lewis plans to retire Dec. 31.

Lewis, 62, announced his departure in a press release this afternoon, saying "now is the time to begin to transition to the next generation of leadership at Bank of America."

The Bank of America CEO joined what was then N.C. National Bank in 1969. He became CEO in April 2001 and helped build the Charlotte-based corporation into one of the country's biggest financial institutions.

But he's come under fire for deals to buy Merrill Lynch and Countrywide, and for taking billions in government financial support.