Yet More Bad News for BofA's Ken Lewis

More

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.

Jump to comments
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.
Get Today's Top Stories in Your Inbox (preview)

A Delightful, Pixar-Inspired Cartoon About the Toys in Your Cereal Box

The story of an action figure and his reluctant sidekick, who trek across a kitchen in search of treasure.


Elsewhere on the web

Join the Discussion

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

Video

Juice Cleanses: The Worst Diet

A doctor tries the ever-popular Master Cleanse. Sort of.

Video

Why Did I Study Physics?

Using hand-drawn cartoons to explain an academic passion

Video

What If Emoji Lived Among Us?

A whimsical ad imagines what life would be like if emoji were real.

Video

Living Alone on a Sailboat

"If you think I'm a dirtbag, then you don't understand the lifestyle."

Feature

The Future of Iced Coffee

Are artisan businesses like Blue Bottle doomed to fail when they go mainstream?

Writers

Up
Down

More in Politics

Just In