Archive for April, 2009

Upcoming Bank of America meeting in LA Times

The LA Times ran a piece today about the upcoming meeting at Bank of America (here‘s the meeting page on PD). As noted in the article, CtW Investment Group is leading a “vote no” campaign against CEO Kenneth Lewis, alleging that he showed poor judgment in the Countrywide and Merrill acquisitions and “transformed a bank well-positioned to weather the financial crisis into one of its most costly casualties” (according CtW executive director Bill Patterson).

The article gives airtime to both sides on the issue. I found it hard to tell from this whether BofA will indeed be in a strong market position coming out of the current crisis, and further whether that would have anything to do with Lewis’s leadership (and particularly these two decisions). These seem to be the important considerations for evaluating Lewis’s decisions and performance.

The big proxy advisers and institutions have not yet announced how they’re going to vote, which is why we don’t have any advanced disclosures from our sources on the meeting page. Sign up for BofA alerts if you want to be notified when we do find out how our sources plan to vote.

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April 17, 2009 at 1:19 pm 1 comment


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