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.

Presented by

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.

Does This Child Need Marijuana?

Dravet Syndrome is a severe form of epilepsy that affects children. Could marijuana oils alleviate their seizures?

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register with Disqus.

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

Does This Child Need Marijuana?

Inside a family's fight to use marijuana oils to treat epilepsy

Video

A Miniature 1950s Utopia

A reclusive artist built this idealized suburb to grapple with his painful childhood memories.

Video

Why Principals Matter

Nadia Lopez didn't think anybody cared about her school. Then the Internet heard her story.

Video

A History of Contraception

In the 16th century, men used linen condoms laced shut with ribbons.

Video

'A Music That Has No End'

In Spain, a flamenco guitarist hustles to make a modest living.

More in Politics

Just In