The nation's largest pension plans are calling for the ouster of Ken Lewis and the entire Bank of America board of directors, accusing the board of "keeping investors in the dark" about the shaky condition of Merrill Lynch and the agreement on the part of BofA to pay Merrill bonuses before closing the acquisition.
http://www.ft.com/cms/s/0/1e435900-3445-11de-9eea-00144feabdc0.html?nclick_check=1
“The pension fund also believes the undisclosed payment of billions of dollars in bonuses to Merrill executives – before completion of the merger – warrants a vote against all directors,” it said.Rob Feckner, the president of the Calpers board, said: “The entire board failed in its duties to shareholders and should be removed.”
According to the Urinal, it looks like Lewis will remain CEO even after the votes are tallied, but a separate initiative to remove him as chairman of the board is said to be "too close to call".
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