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Ear to the Ground

B of A Chairman Dethroned

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Posted on Apr 29, 2009
AP photo / Nell Redmond

William Casey protesting outside the Bank of America shareholders meeting in Charlotte, N.C., on Wednesday.

Kenneth D. Lewis was relieved of the Bank of America chairmanship by shareholders Wednesday in a backlash from the highly criticized Merrill Lynch acquisition. He does, however, retain his two other titles, president and CEO.

Some see this as the beginning of the end for Lewis’ career at B of A, though shareholders saw fit to keep him on the board.

The New York Times:

Walter E. Massey will succeed Mr. Lewis as chairman, the bank said.

Earlier, at an annual meeting here that was widely viewed as a referendum on Mr. Lewis, Bank of America shareholders re-elected him to the board, along with the company’s 18 directors, by “a comfortable margin,” a spokesman said. But the vote to shear Mr. Lewis’s chairmanship raised questions about how much longer he could steer the bank as shareholder anger mounted over his handling of the contentious acquisition of Merrill Lynch at the height of the financial crisis.

Mr. Lewis has worked at the bank and its predecessors for 40 years and run it as chief executive since 2001.

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By hippie4ever, May 3, 2009 at 4:06 pm Link to this comment

Even the British kept their royal titles to one: Chairman, CEO, President…this Thug has more titles and alphabets than the Pope, Greenspan and Queen Elizabeth II combined. What a paltry excuse for humanity, and he belongs in jail, stripped of his assets, on his hands and knees learning humility and how to serve.

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By ocjim, April 30, 2009 at 6:38 pm Link to this comment

And he will get a sea of money for his failure—where does that come in?

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By Spiritgirl, April 30, 2009 at 11:22 am Link to this comment

They all need to be stripped not only of their positions, but the fortunes that they have acquired!  These people that feel that they are entitled - they should be personally responsible for and required to pay the funds the taxpayers had to fork over!  These people not only knew what they have been doing, they didn’t care - because they were “making money”!  Frankly, I think that they all need to be side by side with Bernie Madoff! 

Congress on the other hand needs to hear from US - we need to call/fax/write to let them understand our collective displeasure at what their irresponsible deregulation and relaxing of the enforcement mechanisms have wrought!  They need to understand that what’s good for a majority of Americans is not always in the best interests of the big business class - and that’s alright, because after all, they are supposed to represent “WE THE PEOPLE”!

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By Gary Gesler PhD, April 29, 2009 at 11:26 pm Link to this comment
(Unregistered commenter)

He should be removed from the board completely and he along with Bush, Chaney, and their accomplices should be prosecuted, as well as being stripped of all of their assets. The assets should be used to help those in need.

Today I head on NPR that the Credit Card Industry, monitored by the Comptroller of the Commerce, has only one regulation of warning citizens before they make a change to their accounts. The one rule they have, they do not honor, HSBC is one strong example of a credit card company that lies, steals, and cheats it’s customers at every turn, and with no warning at all. There are other credit card companies that do the same. This is scandalous, and must be changed.

I support President Obama’s scolding of the credit card industry about the long list of ethically usury practices they regularly practice, without regard for the devastation they cause individuals and families.

The credit card industry must be stopped in their tracks, they must be regulated, fined and punished. Their shameful behavior has intensified since many of them have been bailed out. Support the the President’s scolding by complaining to the Comptroller of the Commerce, and any other agency that can get through to those public servants who are supposed to be working for America. Motivate congress, the senate and the President to truly change the laws, so that these heartless money lenders are regulated. They are greedy monsters that must be contained.

If laws are not passed soon to regulate the credit industry, the people must rise up together in a nation wide class action law suit to show Congress and the Senate the financial rape of our citizenry will no longer be tolerated!

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By wanked, April 29, 2009 at 5:57 pm Link to this comment
(Unregistered commenter)

ooooooooooooooooooo…..... he lost one of his five titles. Is he ever going to loose any of the billion$$ he’s stolen?... doubt it.

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