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…

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April 29, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Entertainment, FDIC, Finance, Heavy Metal, Music, Politics, Popular Culture, TARP, Uncategorized, Wall St. 3 comments.

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