Yet More Bad News for BofA's Ken Lewis

It's probably not a good sign for Bank of America CEO Ken Lewis that, a day before the company's shareholder meeting, the largest public pension fund in the country says it will vote against him. From the press release:

The California Public Employees' Retirement System (CalPERS) today announced it is voting against the re-election of all 18 Bank of America directors, including Chief Executive Officer and Chairman Ken Lewis.

CalPERS contends that Lewis and other directors failed to disclose information to shareowners in connection with Bank of America's merger with Merrill Lynch.  The pension fund also believes that the undisclosed payment of billions of dollars in bonuses to Merrill Lynch executives - before completion of the merger - warrants a vote against all directors.

CalPERS has 22.7 million shares. Add it to the list of large, disgruntled shareholders.

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Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.

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