remember ken lewis? the former ceo agreed to a three-year ban on serving as an officer or director and will pay $10 million because he misled investors about the purchase of merrill lynch. >> bank of america was seen as a savior when it step in and bought merrill lynch in the depths of the crisis. the $10 million ken lewis is supposed to pay? bank of america will pick up the tab as part of his employment agreement according to the "financial times. more recent failures in the headlights? we're talking about gm's massive recall on faulty ignition switches and malaysia airline's handling of its missing passenger jet. here is what he wrote in the "financial times." >> we ask the nyu stern management school director for an answer. >> there are a difference between culture and the company. we think about the example you are setting for your own organization about what responsibility means and how you think about how you convey bad news, that sends a signal for how bad news should be conveyed in an organizatio

settlement between new york attorney general eric snyderman with bank of america and former ceo ken lewis25 million, bank of america will pay $15 million of that. lewis who stepped down in december 2009 will pay $10 million of that. this is basically alleging that lewis and other bank of america execs knew about losses at merrill lynch and concealed them to shareholders, misrepresenting how accretive the merrill lynch mercer would be to bank of america in 2008 during the very tenuous days. we remember them well, when this merger was inked nearly overnight. a $25 million deal. this case was opened under now new york governor andrew cuomo, finished under snyderman, but the most interesting thing is not the price tag. it is the fact that under this settlement, ken lewis is barred from curving on a public company board for the next three years. going forward at least for the next three years, sara, no public directorships will be allowed to be held by ken lewis. >> that is interesting. kayla, thanks for breaking it. we'll continue to chaek in with you as we continue to get information on the

separately, bofa and former ceo ken lewis had settled a lawsuit filed by new york attorney general ericrman, alleging that they had mislid led investors about mounting losses at merrill lirch. bofa bought merrill at the height of the financial crisis in 2008. it had initially been seen as a white knight as merrill could have filed for bankruptcy. but by the time the deal was finalized, merrill's balance sheet deteriorated so much bofa needed help from the u.s. government to stay afloat. lewis, who resigned in 2009, will pay a $10 million fine and be barred from serves an an officer of a public company for three years. although, i am told that the bank is actually going to pay that fine, so he won't personally be paying that. >> there you go. bertha, good to see you. thanks for that. have a good day. >>> the fed has rejected the capital plans for five banks. citigroup joins bancorp and the u.s. units of rbs, santander and hsbc as part of its stress tests. kayla tauchy has the report. >> the federal reserve just saying that 25 banks had their capital plans approved. shareholders & could s

former bank of america ceo ken lewis will pay $10 million and be barred from serving as an executive in a public company for three years because of his role in the bank's acquisition of merrill lynch in 2008. that merger saved merrill from bankrupt sue but lewis and his executive team misled shareholders so they would approve the $50 billion buyout. >>> rejected. it's not a word you want to hear when your bank is in the same sentence, but the federal reserve has rejected citigroup's plan to reward shareholders with dividend payments and repurchase of its own stock. that sent citi stock down 5052%. whether you own stock outright or in a mutual fund or bank there, this is not a reason to panic. so don't no matter what you read or hear about this. it's wonky stuff but it's important, the fed objected to the capital plans of four other smaller banks. let me give you perspective. last week citi was among 29 big banks that passed the fed's stress test based on their capital levels. for my money i'm glad the fed is taking a hard long look at the financial health and contingency plans of ame

ken lewis, the one-time chief executive at bank of america, will pay $10 million to settle claims by new york state's attorney general that he misled shareholders and the government in order to complete his bank's acquisition of struggling investment firm per imerrill li inform 2009. >>> as we reported yesterday, facebook announced its first ever acquisition of a hardware company, paying $2 billion for the privately held oculus vr, which makes virtual reality goggles. the trouble is, oculus has no real revenue just yet and its technology is largely untested. and it comes a month after facebook paid an astonishing $19 billion for the mobile messaging app whats app. investors will ask questions later. today they sent shares of facebook tumbling 7%. that's their worst day in four months. josh lipton has more on facebook's takeover of oculus and the company's plans to move a virtual world. >> reporter: the social networks are going to be -- the computing platform of today is mobile. the computing platform of tomorrow could be virtual reality. that's the big bet facebook's mark zuckerberg

mandatory for students aged eight and up skipping class because of religious objection isn't an option ken lewis couldn't see the family camera to the good life. after all children communicate with other children in school if i can assure any conservative family that her feelings developers account grow. no matter the family's beliefs this is my mentality someone to talk to a tee. the german classrooms have made headlines for going too far too soon. this education book was given to first graders in berlin provoking an uproar over the graphic images. we'll replace the more toned down version he played piano stool just it was main function is to teach children math history literature and soul. children don't grow at the same place and only parents will know what is the right time to introduce your child to stop it. the center of attention of children emotions understandably the run high different families may disagree on what values to teach their kids and at what age the look was controversy surrounding this issue was assigned the consensus won't be easy. yet despite that's the plan curriculum is

ken lewis couldn't see the family camera to the good life. after all children communicate with other children at school if i can assure any conservative family that her feelings developers account grow. no matter the family's beliefs this is a mentality someone to talk to the school should stick to its main function is to teach children math history literature and soul children don't grow all the same place and only parents will know what is the right time to introduce their child to stop it the center of attention of children emotions understandable run high different families may disagree on what values to teach their kids and at what age the look was controversy surrounding this issue was a sign that the sentences won't be easy. yet despite that's the plan curriculum isn't likely to change. according to berlin for our team and use it for now. they're all the deer still deadly criminals in the uk on the hunt for anti guns and an shortage of modern weapons according to police and an even more attractive because we don't need a license to own

. >> the ken lewis story is interesting. accountability's a key theme. >> and, herb, you're going to download your candy crush game. "fast money" is coming up in a few seconds. amanda, what's on tap? >> you've been talking about the banks. we're going to talk about the banks, as well. and we have a very respected dick bove. he's going to give the analysis of the stress tests coming up. "fast money" starts right now. we're live from the nasdaq market site in new york's time square. i'm standing in for melissa lee for the next three days. you're stuck with me. >> awesome. >> sorry. well, we have our traders here tonight. tim seymour, steve grasso, karen finerman and guy adami. it was an ugly day on wall street, right? the major indices across the board, with the nasdaq, the biggest loser. but we're going to start with the lose in the last hour on the bank stress test. kayla has more details for us. >> there was good, bad and ugly when we saw the banks release what they were giving back to share holders. we'll start with the go

it's the story we just did right before that, which is about ken lewis, bank of america, and whether or not you think you should have settled and paid $10 million and been barred. i'm going to take the position that he shouldn't have, because if you remember, the government, talking about behind the scenes, the government told him that he had to do it this way. as an analyst, how do you feel about this? >> that's a really good point. as an analyst and as an american, one has to question some of these judgments and some of these actions. obviously, bank of america wanted to back out of the deal. but the fed at that time refused to let bank of america back out. unfortunately, the relation of that fact also providedest to people that bank of america did have knowledge because they did request to terminate that transaction. >> did you feel lied to as an analyst? >> no. i felt that the federal government did not treat bank of america in a fair and equitable way. >> so, anthony, what do you do with citigroup at this point? obviously, a disappointment. but you -- >> that's easy. buy the hec

if a ceo like ken lewis was running at the time, lori vikram pant it was running at the time, they couldat they were doing at the bank, how could a shareholder on the outside understand? >> he has tried to shrink down the bank of bit. on the international side before heading up, what does it mean for someone like him? without question this is a blow to someone like him. this seen to be as old-fashioned, button-down, straightlaced banker type. remember, he was put into place by another straightlaced banker type. towas returning the bank basics. of course they still have a large trading operation and investment bank. but michael corbett is focused on operations and efficiency. focused on the things that a bank like citigroup at this stage of the game is supposed to be focused on. now, can michael corbett explain this fact? no, that is an enormous embarrassment. so is this. what does it mean for leadership at the bank? it certainly costs confidence in the marketplace as a result of this rejection from the fed, the failure, if you will, of the stress test. other than that it is difficult to

remember ken lewis? he agreed to a three-year ban on serving as a public companies officer or director. he is also going to pay $10 million -- >> personally? misled.he .> massive asterisk mr. lewis agreed to pay the 10 lane dollar fine him a bank of america is expected to pay mr. lewis's portion. that is part of an employee agreement. >> so not much personally. >> that hurts. i'm sorry. that is upsetting. >> our third front-page story, taking a turn, king's digital. the maker of candy crush got crushed yesterday. biggest a client of any newly listed u.s. company this year. this comes even after king prices of the discount reflecting the concerns about it being a one-hit wonder. >> what is the why? >> you mean, why you care? >> no, why it went down. >> 70% comes from candy crush. and the question is expected to generate revenues of 618 -- i'm sorry, $6 million a day. revenues of six money dollars a day. if you're generating that revenue on again, you have nowhere to go but down. the growth has already com