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.

This time last week, Mayor Bill Bell was in Washington to talk economic stimulus with the president.

Ever a gentleman, Hizzonner wrote a thank-you letter to the White House, both for his session with President Obama and some other highly influential people and for followup details about the administration's plan for a 21st-century New Deal.

Bell's letter also ticks off some practical matters Durham owes thanks for. In addition to the $4.85 million for stimulating the city's streets, which Bull's Eye reported Wednesday (see below), Bell mentions:

• "In addition to the initial roadway projects, the City of Durham just learned [Thursday] ... that we will receive an additional $516,025 in Community Development Block Grant (CDBG) funding as well as an additional $789,101 in Emergency Shelter Grant (ESG) funding. ...
• "The City of Durham is also poised to receive approximately $556 thousand dollars for youth initiatives.  The City will use approximately $278,000 to provide an additional 75-100 youth with summer employment. ... The additional stimulus funding will also enable us to serve dislocated workers."

The block-grant money will go to services for low-income families, Bell wrote. The emergency shelter money to assist citizens at risk of losing their shelter and behind in their utility bills.

A Charlotte Observer editorial makes the case for higher education as a recipient of economic stimulus money.

Spaces at the government trough are filling up fast and the leaders of national higher education associations are moving quickly in hopes of getting a piece of any sort of economic stimulus package that may become available.

Locally, universities are approaching this feeding frenzy with some caution.

Inside Higher Ed has a good breakdown of what many higher ed associations are requesting in bailout money.

Here are some highlights:

 • The Association of American Universities, of which Duke and UNC Chapel Hill are members, is asking President-Elect Barack Obama's administration for $1.8 billion for science research and personnel, and $750 million for new science facilities.

Michael Schoenfeld, Duke's vice president for public affairs and government relations, told me that Duke believes in the value of science  and would welcome stimulus money that funds the research itself and the people who do it.

"For Duke and research universities, it's more than medical research," he said. "It's energy research, it's defense research. [Research] is a proven source of innovation and economic activity for the country."

For Duke, a private institution, money for facilities isn't as critical an issue, Schoenfeld said, pointing out that public universities would likely benefit more from facilities funding. 

• Thirteen national groups that advocate for the rights of students have penned a letter to House Speaker Nancy Pelosi requesting, among other things, an increase in the value of the Pell Grant to $7,000 (the current max is $4,731), more money for federal work-study, and other funding for loan programs. (Note: That letter is the first attachment below)

• About two dozen major public universities have signed a letter put together by the Carnegie Corporation proposing the Higher Education Investment Act. It demands that any stimulus legislation include a signficant investment in the nation's public colleges and universities. 

The signatories include many of public higher education's elites — like Texas, Virginia, California, Maryland and the University of Wisconsin system, as well as the American Council on Education, whose president, Molly Corbett Broad, is the UNC system's former chief.

But there are no UNC system campuses on the list. A UNC system spokeswoman told me there are no plans for the UNC system or any of its campuses to join the initiative.

(The second attachment below is the four-page letter detailing the public universities' proposal. The third attachment below is a list of which institutions signed the letter.)

Documents: