Word: lewises
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Dates: during 2000-2009
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The SEC complaint, which was filed Monday, alleges that Lewis misled shareholders in advance of the Merrill acquisition, withholding information that might have caused investors to vote against the acquisition he wanted. In a proxy statement sent to shareholders prior to the vote on the deal, Bank of America stated...
But according to the SEC complaint, Lewis and other Bank of America executives had full knowledge of Merrill's plans to pay out bonuses to top executives. In fact, prior to sending out the proxy statement, the complaint asserts, Bank of America had agreed to let Merrill pay out as...
Investors, however, aren't inclined to stay neutral. "Lewis used the bonus issue to get rid of Thain," says Jonathan Finger, an institutional investor who owns shares in Bank of America and has been pushing for Lewis' ouster. "But this shows that Lewis knew about it all along."
Even if Lewis holds on this his job, the hiring of Krawcheck underscores the fact that Bank of America has a growing honesty issue with shareholders. Krawcheck has a reputation on Wall Street as being Ms. Clean. Fortune magazine (TIME and Fortune share the same publisher) once dubbed Krawcheck the...
"The SEC settlement demonstrates the lack of regard Lewis and the former Bank of America board has for shareholders," says Finger. "They were not as open as they should have been."