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Union Asks Bank Of America Customers To Ask Tellers To Ask CEO To Resign

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The Service Employees International Union is running a campaign asking Bank of America customers to go into their local branch on Thursday and have a conversation with the teller about why their CEO, Ken Lewis, should be fired. One point that's sure to rile up the tellers: their annual pay is less than what the CEO of one of Bank of America's acquired companies spent on new drapes for his office.

We like the idea of customers, not just shareholders, trying to fix perceived problems in the company. Aligning customers and employees against the execs seems like a powerful tactic, especially because the board of directors, is seen as overly deferential to Lewis.

We also note that SEIU might have a special bone to pick with Bank of America, as a recent story broke that three days after receiving bailout money, BoA hosted a conference call with conservative and business leaders discussing strategy for defeating a labor bill and donating money to Republican Senate candidates in order to filibuster the bill.

Time to Go: Bank of America Must Fire CEO Ken Lewis [SEIU, via USPIRG]
Bank of America Board Under Fire From Critics [NYT]
(Photo: frankieleon)

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79
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Doesn't sound like a bad idea to me.

Might also be worth doing if you're on the phone with a BoA customer service rep - since the calls are "recorded for quality control" and all.

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Yet another reason to be glad I left BoA.

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Wait, so who swallowed the spider that wiggled and wriggled and jiggled again?

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I'm becoming increasingly disturbed the more I hear about how the bailout money is being improperly used by company after company.

Strict specifications for how that money should be used really should have been placed. (Unless they were and are being baldly ignored.)

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"One point that's sure to rile up the tellers: their annual pay is less than what Lewis spent on new drapes for his office."


Misquoted. If you read the SEIC article, its: "Bank of America tellers make about $24,000 a year. That's less than what the CEO of a company bought by Bank of America paid for his curtains during the $1.2 million redecoration of his personal office. "


They're talking about the now resigned CEO of Merrill Lynch, John Thain spent on curtains.


It's fine to use facts, but at least quote them right.

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If you're military, end it with telling them that's why you're switching to USAA.

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I wonder what would happen if congressional campaign contributions were completely cut-off or otherwise severely limited. For everyone. Not just the nickel-and-dime crap that they've been doing, but some honest-to-god means to keep every rich corporation or special interest from essentially bribing lawmakers to get what they want.

That's a bill I'd get behind.

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Sorry, SEIU. If you want me to lobby for you, get out your checkbook.

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I don't think that annoying lots of bank tellers is going to make the guy resign/get canned.

Just my thought.

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is it just me or is the More link at the end of each article missing on pretty much every posting?

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@lyim: I don't know how I misread that, especially since John Thain's been all over the news today. Thanks for pointing it out.

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@lyim: You're correct. It's listed on this broken down list from consumerist:
[consumerist.com]

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@QuadNipple_GitEmSteveDave:
Could you imagine being the guy getting the expense list on that though? I think I'd quit.

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Gah, just do an EECM and tell the CEO to resign yourself!

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@ScottRose: Exactly! Tellers have zero pull in the company. Talking at them that the bank should fire the CEO will just irritate them, and make you look like a moron.

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I hate to sound like I'm defending BofA, but the list of what BofA should do according to the SEIU site is kind of self defeating:

# Keep over 12,000 troubled borrowers in their homes with bonus money
# Sign new leases with renters who live in buildings that are being foreclosed upon

Am I wrong in thinking that signing new leases with renters who are being foreclosed upon is a bad idea, in that they will more than likely default on their new lease? This is like the company that declared bankruptcy, then had Blago demand that BofA loan them money that would never get paid back as the company is bankrupt. How is this money they are giving the banks going to save them if they just pass it along to people who have a low chance of paying it back? Sorry if I sound like a troll, but this sort of baffles me. If I ask for a "bailout" from my mom b/c I loaned my cousin money, and he's not paying me back, won't I be in the same spot if I take the money she gave me and give it to him?
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Great. I'm hope I'm stuck behind someone having such a philosophical discussion with the teller the next time I deposit an expense check.

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@No,Comma_GitEmSteveDave: That's not entirely accurate... You're assuming that the people who owned those buildings (and were renting them out to the current tenants) were financially responsible, and using that rent money to pay off the loan on the building, so if they weren't paying off the loan, it must have been because the tenant wasn't paying the rent. I'm sure that if the tenant could document that they had been paying their rent, and the landlord was the weak link, that Bank of America could expect to get money back from those new leases. The primary problem I see is that you're now getting Bank of America into the landlord business, which is not an appropriate business for them to be in. They'd probably have to hire a rental management company or something.

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@No,Comma_GitEmSteveDave:
Yeah, that's why banks aren't lending even with bailout money. There's no one who's good for it. And if you are good for it, you don't need it.


Crazy times.

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@TonyTriple: And who asked the union to ask the customers to ask the tellers to ask the CEO...

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@No,Comma_GitEmSteveDave:


Yeah, but you and your cousin would "feel" better.


However, your Mom (the public tax payer) would probably be posting on Consumerist about how you gave your deadbeat cousin money so he could re-decorate his house with fancy new Ikea furniture and high end curtains from Target.

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@downwithmonstercable: And make you wait in line longer than necessary while someone is having this conversation, bad idea

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@ScottRose: Yea, I don't get it either. What the heck is the teller supposed to do about it besides have to spend extra time hearing people bitch all day?

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So the SEIU is trying to con average citizens into hassling BoA employees for being non-union? Sounds like the recent economy is hurting the union's bank accounts and they see BoA employees as an easy paycheck.

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@No,Comma_GitEmSteveDave: I think the biggest issue is that as a landlord you are responsible for things. I am not sure if you can sign away land lord responsibilities to a renter. It would be stupid for a bank to take on the responsibilities of a landlord. Lawsuits galore.

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@slopirate: On that note, it seems irresponsible of the Consumerist to advertise something like this. Is the Consumerist somehow tied to the SEIU?

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don't forget that we need to make sure he doesn't get a huge golden parachute!

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@shorty63136: If you would listen to the recording, it actually says for educational purposes only.....

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As a former SEIU member, I hate them with a passion.

They tend to waste time and effort on things like this while completely ignoring the wants and needs of its membership.

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@theblackdog: I love USAA. I use them for almost everything now.

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Ahh, the SEIU. Sticking its nose where it doesn't belong since, well, its founding.

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@lyim: Why would you quit? If they can afford a $44,000 area rug, clearly they can afford to pay me more to keep my mouth shut about said area rug.

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@Corporate_guy:


If this happens while I am in line, I will make sure to follow it up by informing the teller that the average SEIU higher up probably makes 5-6 times their annual salary.


I like to balance the propaganda, or stir the pot, whatever.

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@Alex Chasick:

It's also been reported that he will pay that back.

On another note, i'm not surprised that unions use misinformation to further their goals. Why is it that the consumerist is taking a pro-union stance on this? Does consumer reports support unions?

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@Shadowman615:


Corporations already can't give money to candidates. Not a dime. Zero, zilch, nada. Individuals certainly can, up to a legal limit.


Barring donations is a slippery slope, though. You can say "nobody can make campaign donations." Fine. What about my taking out an ad in the paper saying "vote for bob"? If I can't do that, what about my paying to have copies of a "vote for bob" flyer made? Where do you draw the line?

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@Corporate_guy: Nope. The middle paragraph's the reason it's up here: I like the idea of customers and employees trying to change a company's governance. I don't really care who's urging it, and I even noted in the last paragraph that there might be another reason why SEIU targeted BoA.

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So one corrupt and morally bankrupt organization wants people to do their bidding against another corrupt and morally bankrupt organization? No thanks.

Once unions were a force for good, now they are part of the problem. Just look what they did to the Big Three automakers.

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@skipjack: This is a blog, not a newspaper. They have no obligation to be 100% objective. Since you seem to be an ultra-capitalist, you know you can shop elsewhere. Thain also only said he would pay it back after the story got out an he was publicly shamed. He wasn't asking to give them money back before then.


Also, are you saying that business has never used misinformation to speak out against unions? I'll give you a hint, the recent myth tha UAW employee's make an average of $73 /hr. They don't, if you add up every tiny benefit, it's around $50. Non-union auto workers make $45/hr. That extra money is what GM has to pay to retirees. Misinformation, no?

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@Shadowman615: A few problems with that. The Supreme Court has said that campaign contributions and ads are partially protected under the 1st Amendment. Meaning, they're not as protected as "pure speech," but have some protections.


Two as @JustThatGuy3: points out corporations can't give money. Of course, its a bit of a farce since every single officer of the company that wants to buy a politician just HAPPENS to give the max personal amount and also just HAPPENS to get friends to do the same. Also corporations CAN fund 527's, and I believe the general party funds (i.e. GOP, but not a particular candidate).

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Ken Lewis didn't buy the drapes, it was the former CEO of Merill Lynch, get your facts clear..

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@Corporate_guy: I think its not the union as much as its the concept of trying to force responsibility upon senior officers at large companies either through public, campaign, petitions, shareholder measures, etc. As it stands, they have zero incentive to do anything but whats in THEIR interest, not the companies. Yes, they have a fiduciary duty to the company, but proving they violated that would be next to impossible.

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@ARP: No, when a union does something like this they are just trying to recruit. That is all. Funds are low and they need more people to tax. That is why it makes no sense to advertise this. People don't want to be haggled by customers to join a union.

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@sebadoh128: As opposed to the $99 million Lewis made in 2006...?

Cutting the CEO's salary to 5-6 times the average employee's salary would give superstar executives TEH VAPORS!

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@Corporate_guy: Exactly. Like Deep Throat said: "Follow the money."

It disgusts me how they chose to cloak their agenda with tired, demagogic, class warfare claptrap about the relative wages of employees. If you don't like how BoA's executives spend their money, don't patronize them and don't buy their stock. And if you don't like your government bailing them out, spend a little more time thinking about who you're voting for next time you're headed for the booth, and throw the bums out.

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but what ken lewis did do is buy merrill, then let merrill reorganize bank of america. no surprise that when staff reduction was necessary all the top jobs went to merrill guys, who got bonuses by the way. then the BofA guys were laid off, sans bonus, even though they had been running a company healthy enough to buy the troubled merrill lynch. then on down the line: 40% of BofA people laid off last week, only 25% of merrill. NOT FAIR. NOT RIGHT! so even if the drape thing isn't exactly accurate, there is still plenty of reason to be extremely angry with the bank of america.

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@ARP:

I'm not an ultra-capitalist but just someone who recognizes that today's unions only look out for their interests instead of the folks they represent, or the company that employ's their members. So this must mean that you are ultra-union and have no use for innovation, efficiency or effectiveness. At least you've got that going for you.

Whether or not thain was shamed into it is irrelevant...he's offered to pay it back.

I never claimed "insert x here" didn't give out misinformation. I just expect more from an organization that says they are for the little guy. If they are willing to give out misinformation in order to try and unionize BOA...how would an employee ever trust what the union tells them?

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@tvh2k: I'm not sure why this was disemvoweled. There are three 'asks' in that sentence. It took me two times to parse it, and even then I got it wrong until I read the posted text.