How'd that acquisition work out?

Lewis Is Said to Be Leaving Bank of America. Years ago I'd read that there was some social science which suggested that M&As were encouraged by the incentive structure of CEO careers; that is, the upside for a CEO in relation to a successful M&A are higher than for their firm. As for the downsides, the effect sizes are probably inverted. Steve Case & Gerald Levin might have their reputations in tatters, but they remain wealthy men. As for Time Warner....