Three more: Now half of Bank of America's directors have quit

The shake-up in Bank of America Corp.'s boardroom, apparently orchestrated by the hand of government regulators, continued Friday evening, when the bank announced that three more of its directors have resigned.

Friday's departures mean that half of the 18 directors elected for 2009-10 have left without explanation. The government's role in orchestrating the leadership changes at the Charlotte, N.C., company, has become evident, however.

Though the government has been expanding its authority over most of the banking industry, its grip has been especially tight on Bank of America. The holds $45 billion in government loans — more than any bank but Citigroup Inc.

The directors have been under fire for allegedly rubber-stamping the wishes of Bank of America's executives, a laxity that helped lead to the current financial crisis.
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