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Thursday, March 5, 2009
News Say it ain't so! Does Ken have to go?
Posted By Rhiannon Fionn-Bowman on Thu, Mar 5, 2009 at 3:48 PM
I thought we rewarded bad behavior with billions in bonuses. Am I wrong?
An investment group affiliated with a coalition of unions on Thursday called for Bank of America Corp.'s board to remove chairman and chief executive Ken Lewis, citing his “disastrous missteps” as leader of the nation's biggest bank.In a letter to lead director Temple Sloan, the CtW Investment Group noted the 90 percent decline in the Charlotte bank's stock since Lewis agreed to buy Merrill Lynch & Co. in mid-September and the ongoing controversy over the payment of $3.6 billion in bonuses to Merrill employees before the deal closed Jan. 1.
Read the rest of this Charlotte Observer article here.
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