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To Which Lewis, After Wiping Brow, Responded: "At Least They Weren't Hiroshima-Esque Bad, Am I Right? I'm Joshing, Of Course. Next Round's On Me."

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Fred J. Martin of San Francisco said his trip to the meeting cost more than he'll receive in dividends this year. "I question whether the board has effectively represented the stockholders who elected them," he said, adding later, "Your acquisitions are much akin to the blitzing of Baghdad."

Earlier: Ken Lewis: "Merrill Decision Made Independent From Government Influence"