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Bank Of America Knows You Think Brian Moynihan Sucks

Just hear them out.
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Should Brian Moynihan hold both the CEO and chairman posts at Bank of America? When asked about this in 2009 (and every year after that), shareholders said no. And if you ran into Moynihan on a Tuesday night at Safeway, where he was picking up something for dinner, and corned him in the frozen food section, up against the glass door behind which 4 different kinds of bagel bites had moments earlier rendered him paralyzed and unable to make a decision, and point blank asked him, "Brian, do you actually want to do both these jobs? Or even one of them?", pinning him between the freezer door and his cart and not letting him out until he answered, well, he'd probably say no, too. But the board has given him both anyway. Knowing the decision was controversial, it made sure to come up with a list of reasons that demonstrate B-Mo is qualified:

Bank of America Corp. defended its decision last fall to give the chairman title to CEO Brian Moynihan, saying it made the move after careful consideration and he is well suited for the job. In a regulatory filing Thursday, the bank said its board’s corporate governance committee “deliberates on and discusses the appropriate leadership structure for the board based on the needs of our company” at least every year. Mr. Moynihan deserved the chairman job, the bank said, because of “leadership qualities, management capability, knowledge of the business and industry, and a long-term, strategic perspective” that he has laid out during five years as CEO, the bank said...The board said it went through “months of thorough deliberation” before wiping out the shareholder amendment and said the 2009 vote was made during a different era, in the depths of the financial crisis.

Oh, and just in case anyone is really panicked, BofA has installed a guy to act as the adult supervision:

The bank noted it had appointed another board member, Jack Bovender, as lead independent director when it made Mr. Moynihan the chairman. The bank said Mr. Bovender, who held the roles of chairman and CEO at hospital chain HCA Inc., had experience running a highly regulated company and showed “a readiness to challenge management.”

Bank of America Defends Naming CEO Brian Moynihan As Chairman [WSJ]


Bank Of America Protester Gives Brian Moynihan A Mouthful

Today at the Citi Financial Services conference at the Waldorf: a woman in a low-cut dress came down the aisle during Moynihan's presentation and started chanting "bust up Bank of America before it busts up America" (she also had the slogan written across her shirt). They cleared her out and then another one came onto the stage, elbowed Moynihan out of the way and took the microphone to do the same thing-- security hauled here away before she could strip. Then a third one jumped on a table in front of the stage, pulled off her top-- had the slogan written across her rack-- and started chanting. It took a good 1-2 minutes to get her out of there.

Brian Moynihan Is Walking On Sunshine

The BofA chief is pretty much having the best day ever. Not to get ahead of ourselves, but his IT guys are THISCLOSE to registering before one of his fans can.

Compensation Watch: It Sucked Slightly Less To Be Brian Moynihan Last Year

No cash bonus to speak of, but the li'l fella did get a bump year on year.