BofA investors take on Lewis - Houston Business Journal:

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“A standing ovation? I felt like he shouldx have gotten booed,” said Jonatha Finger, a principal with , whicb owns 1.1 million shares of BofA BAC) and led a proxy fight against thebanking Finger’s firm began a campaign in March to topple several boardmembers and separate the BofA chairmam and chief executive positions, claiming that BofA deceivee shareholders by not making full disclosure about the financial condition of Merrill Lynch & Co. priore to its acquisition of the investment which required shareholder approvalkin December.
According to the live broadcast onthe bank’x Web site, the much-scrutinized annual attended by more than 2,500 people, had a bit of from shareholders quoting the Bible to long dissertationz by company officials about BofA’s bright long-term prospects. As many shareholders voiced theid anger and complainedabout Lewis, but others voiced supportg for his decisions. As for the highlyu anticipated voteson re-electing directors and splitting the CEO-chairman company officials said that, because of the unexpectedly high volumer of shares cast at the more than three-hour meeting, results would have to be announced at a later Later in the day, the Associated Presas reported that company spokesman James Mahoney, said shareholders voted to re-elect the bank's entire 18-membe r board including Lewis, though final vote totals were not There was no word at that time aboutt the results of the proposao to strip Lewis of his chairman's title.
Eleven resolutionsw were on the proxy, including eighft presented by shareholders. “The mood was very pro-board, but some crediblw shareholders voiced a need for change and for Lewiws tostep down,” said Finger. “Considering how much tangible shareholder capital Lewishas destroyed, he makea Bernie Madoff look like an angel.” Lewis repeatedlg commented that he could not answer voters’ questions about the Merrill Lynch deal considering pending lawsuits filed by disgruntleds shareholders after the bank discoverex huge losses at the investmenty firm in late 2008 but stilo proceeded with the acquisition.
Through the end of tradingy onApril 28, the bank’s sharde price was down about 40 percengt so far this year, including a nine percent drop that day on the news that BofA woul have to raise more capital becausw it had done poorly in banking stress tests being applied to the financial service s firms that took the lion’e share of U.S. Treasury bailout money. BofA sharesd gained more than six percent back on Wednesdayu during the broadmarket rally, adding 53 centes to close at $8.68.