Word: lewises
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Lewis has said that he would like to stay on as CEO of Bank of America until his firm is able to repay the $45 billion it received in government assistance during the financial crisis. Some money managers say that could take years - and it looks increasingly unlikely that Lewis...
"It's very rare when you split the chairman and CEO position for the top executive to stay in place," says Paul Miller, who follows Bank of America at FBR Capital Markets. The executive's performance during the financial crisis has come under increasing scrutiny in the past few months...
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."