Are you done? No?
In the midst of cramming for his make-up stress test, the BofA CEO had a fresh pile of excrement dumped on his plate by the SEC yesterday: In addition to defending his cherished new title as chairman and CEO at the bank’s annual meeting, he’ll also have to explain why there should be a Bank of America at all.
The proposal, from Bartlett Naylor of the consumer-advocacy group Public Citizen, calls for a committee of Bank of America independent directors “to develop a plan for divesting all noncore banking business segments.”
Bank of America had contended Mr. Naylor’s proposal was too vague. But the SEC rejected that contention this week, saying it was “unable to concur” with the bank’s view that the proposal should be excluded from its proxy.