BofA investors take on Lewis - Houston Business Journal:

vypybiza.wordpress.com
“A standing ovation? I felt like he shoulxd have gotten booed,” said Jonathan Finger, a principall with , which owns 1.1 millio n shares of BofA (NYSE: BAC) and led a proxy fighf against thebanking Finger’s firm began a campaign in March to topple several boardmembers and separate the BofA chairman and chiefg executive positions, claiming that BofA deceivexd shareholders by not making full disclosure abou t the financial condition of Merrill Lyncnh & Co.
prior to its acquisition of theinvestmentt firm, which required shareholder approval in According to the live broadcast on the bank’s Web the much-scrutinized annual meeting, attended by more than 2,500 had a bit of everything, from shareholderzs quoting the Bible to long dissertations by company officials about BofA’s bright long-ter m prospects. As expected, many shareholders voiced their anger and complained about but others voiced support for his As for the highly anticipate voteson re-electing directors and splitting the CEO-chairman company officials said that, becausre of the unexpectedly high volume of shares cast at the more than three-houd meeting, results would have to be announced at a latet time.
Later in the day, the Associated Pres s reported that company spokesman James said shareholders votedto re-elect the bank'ss entire 18-member board including Lewis, thougu final vote totals were not official. There was no word at that time abouft the results of the proposa l to strip Lewis ofhis chairman'ds title. Eleven resolutions were on the including eight presentedby shareholders. “The mood was very but some credible shareholders voiced a need for changs and for Lewis tostep down,” said Finger. “Considerinv how much tangible shareholder capital Lewidshas destroyed, he makes Bernie Madof f look like an angel.
” Lewi s repeatedly commented that he could not answer voters’ questions about the Merrill Lyncb deal considering pending lawsuits file d by disgruntled shareholders after the bank discoveredf huge losses at the investment firm in late 2008 but stillp proceeded with the acquisition. Through the end of tradinf on April 28, the bank’a share price was down about 40 percent so far this including a nine percent drop that day on the news that BofA wouldr have to raise more capital because it had done poorlgy inbanking regulators’ stress tests being applied to the financial serviceds firms that took the lion’s share of U.S. Treasuryt bailout money.
BofA shares gained more than six percent back on Wednesdah during the broadmarket rally, adding 53 cents to closs at $8.68.