Breaking Update 5: Lewis keeps CEO/President role, Massey elected Chairman as roles split by shareholders…Too many votes to count..Market Movers Wednesday: Bank of America Shareholder Meeting…FED meeting day 2…

Breaking Update 5:- 5:40pm EST: Bloomberg: BofA announces Walter Massey elected as Chairman to replace Lewis;they have split the CEO Chairman roles…Lewis re elected as President/CEO ,…..I think it will be much harder for Treasury to oust Lewis now, the shareholders have acted and kept him as CEO, this loss of Chair ironically may be the thing that saves his job in the end..it would look like the Big Brother trampling shareholders that it is if they try to oust him now…I think this is good for Lewis, and good for the company in that we keep Lewis in this maelstrom of government intervention, Lewis wont get pushed around by Treasury as easily again as he was rolled by Paulson and Bernanke….

Andy Stern of SEIU will be pixxed he didnt get Lewis’ head, heh

Update 4: Hugh McColl says he wants Lewis to stay as CEO and Chariman and Finger who is recommending split also told McColl to merge with AIG when Hugh was CEO…heh….

Breaking Update 3:  – 1:22pm EST- CNBC Mary Thompson reporting- “Person ‘close to’ BofA reporting all 18 BofA board members re elected by comfortable margin”…no further word on Lewis Chairman role yet…

Breaking Update 2- 1:07pm EST: BofA reports it cannot report complete results of shareholder votes today at now..because of the volume of votes. CNBC reporting coming into the meeting BofA was reporting the vote on the proposal to split the CEO Chairman roles was too close to call…they will announce results in Press Release..no word when…

Update: The NC shareholders in attendance are warm to Ken Lewis, the shareholders who want to oust him appear to have some traction unlike the CITI Board vote in which the whole slate and Pandit were re elected, it appears a close election, with CNBC reporting that Ken Lewis re-election is near even in voting results tallied so far..

Here is the perspective of one of the groups of shareholders who want Lewis out or if not the CEO, Chairman roles separated:

Meanwhile in NYC SEIU head Andy Stern agitates for Ken Lewis to be ousted. WTH that has to do with SEIU workers we are not told. Are they calling for his ouster as shareholders? Uhm no. They are an outside labor group just frakking with the economy and confidence and no doubt doing the bidding of Team Obama’s daily task calls. And the media hackery arm will no doubt report it diligently. A handful of people no doubt none of which hold shares unlike CALPERS who is acting for union members who DO have a direct stake in BofA,..

My shares do not appreciate Mr Stern’s appearances. Tea Parties didn’t atack a publically traded company, first it was AIG now BofA, but Government Motors is fine to shaft their debt holders. It’s a loaded weapon going off every which way these agitations, no rhyme no reason. Somewhat like the policy to handle the financial system since Paulson started mucking about in it….Hey did Stern drag SEIU to the CITI shareholders meeting? is that b/c Pandit agreed to mortgage cramdowns? MiM will check it out…

a good ad campaign there for Che radical urban hip couture; Forget the red shirts it’s these purple shirts this season that are all the rage for Alinsky Rallies!

Via Bloomberg-An Interview and discussion with Jonathan Finger of Finger Interest Number One

The fur will fly at the BofA shareholder meeting today…

CalPers, the gigantic California Public Employee Retirement Fund, is challenging ALL of the BofA Board and voting against their re-election...Ken Lewis is on the hot seat for caving to the purported arm twisting of Paulson and perhaps Bernanke…

…The influential fund, whose full name is the California Public Employees’ Retirement System, joins a growing list of institutional and individual shareholders opposing Lewis’ reelection. It said it controls about 22.73 million shares, roughly one-third of one percent of shares outstanding. Calpers said it opposes the directors “for their role in allowing billions of dollars in bonuses to be paid to Merrill Lynch employees and for their role in failing to disclose to shareholders the true financial condition of Merrill Lynch prior to the consummation of the merger.”…

Again, MiM are shareholders and very biased on this issue…we voted b y proxy with our SECRET BALLOT, hint hint subtle subtle you Crazy Card Check Congress Critters:

Two songs come immediately to mind for the meeting:

‘Priest Fuel for ‘Life’ Tour Live in ’86 courtesy of ElectricLady89

The one, the only, the Eagles

Other happenins’ include Fed meeting day 2

…The Fed is not likely to embark on any substantial new programmes at this meeting, in large part because it will not have downgraded its economic forecasts since the last meeting. Indeed, Fed officials may see the risks to the economy as a little more balanced than they were in March, though policymakers probably still see these risks as overall weighted to the downside.

This could set the stage for a more detailed discussion of the framework that will ultimately govern the Fed’s exit strategy.

There is, though, a small but intriguing possibility that the Fed could follow the Bank of Canada in setting out an explicit timeframe over which it expects to keep short-term rates at virtually zero….

April 29, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Entertainment, FDIC, Finance, Heavy Metal, Music, Politics, Popular Culture, TARP, Uncategorized, Wall St.

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  1. Topics about America » Archive » Market Movers Wednesday: Bank of America Shareholder Meeting…FED replied:

    […] Sam Pizzigati, Too Much: A Commentary on Excess and Inequality placed an interesting blog post on Market Movers Wednesday: Bank of America Shareholder Meeting…FEDHere’s a brief overviewThe fur will fly at the BofA shareholder meeting today… CalPers, the gigantic California Publi… […]

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