BAC Shareholder Ramping Up Campaign To Dump Lewis

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BAC fractional owner Jerry Finger began banging out a plan at the beginning of the year to send Ken Lewis home in a body bag and late Friday a few more details were revealed. Having already filed suit against Bank of Amerrillwide on the grounds that KL failed to protect shareholder interest when he threw caution to the wind and got involved in a series of escalating dares that resulted in the acquisition of Merrill Lynch, Finger is now encouraging his fellow shareholders to put on their black ski masks and take Lewis out, asking the SEC "for permission to run a "vote no" campaign without formally soliciting other shareholders by proxy."


Finger and his cronies are also seeking to shutdown the reelection of lead outside director, O. Temple Sloan and chairwoman of the bank's asset-quality committee, Jackie Ward. Though some think Finger and Co. would be mollified by the creation of an independent chair position prior to the annual meeting, Finger's son Jonathan believes he and his father have the support of the bank's large institutional shareholders, and can get this thing done.
A spokesperson for BAC said that the firm has "met with (Jerry) Finger several times to hear his concerns and have attempted to address them," though obviously not that hard, since K to the L is still gainfully employed, despite trying his darndest to get fired.
BofA CEO Shouldn't Be Chairman, Big Investor Says [Reuters]

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No One Told Ken Lewis Shareholders Needed To Know About Merrill's Massive Losses, Okay?

Remember in 2008, when Ken Lewis was all, “Oooh, wait, I don’t know about this Merrill Lynch thing, it looks kinda bad, I don’t think I want to buy it anymore, I’m nervous [bites nails, shifts weight from one foot to the other like he has to pee]” and tried to back out of the deal? And Hank Paulson threatened to stuff him in a meat locker if he did so Lewis said okay, fine, I’ll buy it and then did, without mentioning anything to shareholders about Merrill's impending losses? Well 1) People are still upset about it but 2) Ken was under the impression shareholders were on a need to know basis. Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show. But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion merger. Lewis also said he had been advised by the bank's law firm and chief financial officer that no disclosure was necessary. No further questions. BofA masked Merrill loss before 2008 vote: filings [Reuters]