Bank of America Shareholder Meeting:
Basically the news here at the Bank of America Shareholder Meeting is that
1. The board may decide to kick out the ceo, Ken Lewis.
and
2. There will most likely be many environmental protesters at the Bank of America Shareholder Meeting in Charlotte, NC on Wednesday, April 23rd.
Another major Bank of America shareholder has announced plans to vote out CEO Ken Lewis at the annual shareholders' meeting next week.
Those in the banking industry fear the shareholder vote could be too close to call.
"This is going to be a rough meeting. Anything can happen," said UNC-Charlotte economics professor Tony Plath. "Some are going to oppose management just because it's popular to do right now."
The latest person to call for Lewis to step down is Connecticut's state treasurer. The state's $20 billion pension fund owns $3.2 million Bank of America shares.
Treasurer Denise L. Nappier said on Tuesday, "It's time to clean house and set the financial health of the company on a sustainable path."
Stockholders are angry about the bank's large purchases, spending $30 billion on Countrywide and Merrill Lynch. But on Monday Lewis defended the buys.
"These two strategic acquisitions we made, we're already seeing the benefits," Lewis said on CNBC.
Plath says the vote of the big institutions matters more than that of an individual shareholder.
"The more shares you have the more your votes count. The idea is the bank wants to make sure it tells its side of the story to the institutions that really count," Plath said.
The vote is next Wednesday.
Find out more on the Bank of America Shareholder Meeting.
Source:
http://www.wcnc.com/news/local/stories/wcnc-042109-mw-bofa_connecticut.f9cdc727.html
