Andrew Cuomo has announced a lawsuit against Bank of America’s former CEO Kenneth D. Lewis, its former CFO Joseph L. Price, and the company itself, for “duping shareholders and the federal government in order to complete a merger with Merrill Lynch.” Uh oh! [More]
Salary Czar To Ex-BoA CEO: No Pay For You!
By October 19, 2009
Departing Bank of America CEO Ken Lewis will get no 2009 pay or bonus. But won’t this serve as a disincentive to future executives who are thinking about totally cocking up their company and bringing down the US economy? [WSJ] (Thanks to Snarkysnake!)
Bank Of America Posts $1 Billion Loss In Third Quarter
By October 16, 2009
Do you hate Bank of America? Well take today’s earnings report and wallow around in it like Ann-Margret in beans, becuse the bank has posted a loss of $1 billion before dividends to preferred shareholders—”When those dividend payments are included, the loss was $2.24 billion,” reports the New York Times.
Union: Don't Let BofA CEO Keep Ginormous Pension
By October 8, 2009
Outgoing Bank of America CEO Ken Lewis looked like he had a pretty sweet deal, with the $53 million pension he’s due to get when he walks. Hold on, says one union, in a letter to White House “pay czar” Kenneth Feinberg: “The American people are counting on you to reform the reckless culture of Wall Street that allows bank executives to drive our economy into the ground and walk away with millions.”
Soon-To-Be-Ex Bank Of America CEO Has $53 Million Pension
By October 3, 2009
Ken Lewis is probably a little bummed out that he will no longer be the CEO of Bank of America — but how sad can he be with a $53 million pension?
BoA CEO Resigns
By October 1, 2009
Bank of America CEO Ken Lewis resigned yesterday after becoming a lightning rod for criticism after his controversial takeover of Merril Lynch. Even though BoA has appeared in our Worst Company in America contests each year, it’s kind of sad because his office had a good record of solving our reader’s problems they sent in to the executive office. Too bad that ethos couldn’t have flowed downhill more.
EECB Results In $525 Bank Of America Overdraft Fee Refund
By June 29, 2009
Corey admits that he messed up. He was the one who didn’t keep as close track of his transactions as he should have, and overdrafted his account. It was Bank of America‘s policies, however, that resulted in his being hit with fifteen overdraft fees at $35 each, for a total of $525 over the course of a weekend. Corey knew that he was in the wrong, but thought that these fees were unfair, and also more than he could afford. So what did he do? He used what he’s learned from reading Consumerist to make his case to the people in charge.
Frontline Examines The Bank Of America/ Merrill Lynch Merger
By June 17, 2009
The merger between Merrill Lynch and Bank of America was sold to us as a marriage made in heaven that would save the financial system. It wasn’t, and it didn’t. Now Frontline takes a closer look at the now-infamous debacle that cost tax payers billions — and CEO Ken Lewis his chairmanship.
Bank Of America CEO: We Had To Acquire Merrill Lynch To Save The Economy
By June 11, 2009
Are you a Bank of America shareholder who is angry at CEO, (and former chairman of the board) Ken Lewis for going ahead with the Merrill Lynch deal? Well, you’re just mean. It wasn’t his fault. At least, that’s what he’s just testified before the House Committee on Oversight and Government Reform.
Does Anyone Have $34 Billion For Bank Of America?
By May 6, 2009
Kenneth Lewis is probably having a pretty crappy day. The government just told him that he needs to find $33.9 billion in order to “withstand any worsening of the economic downturn.” Anybody got any spare change?
Bank Of America CEO Fired As Chairman
By April 30, 2009
Bank of America CEO Ken Lewis has been sh*tcanned from the chairman position, but will remain CEO, says the NYT. Calls for Lewis to resign in shame and go cry alone with his money have been getting louder over the past few months.
Bank Of America CEO: The Bush Administration Made Me Do It!
By April 24, 2009
New York Attorney General Andrew Cuomo’s office is at it again. They’ve been investigating the circumstances that led to the merger of Bank of America and Merrill Lynch and the subsequent bonus payments to executives. In a letter to Senator Chris Dodd (D-CT), chairman of the Senate Banking Committee, Cuomo quotes Bank of America CEO Ken Lewis as saying that former Treasury Secretary Hank Paulson threatened him with removal from his position and mass firing of the board and senior management if he didn’t allow the merger to go through.
Merrill Lynch Bonus Recipients May Be Revealed Next Week
By March 13, 2009
Well, it looks like the whole Merrill Lynch bonus scandal may have a Scooby Doo ending — with a judge unmasking the executives by the end of next week.
Andrew Cuomo & Barney Frank Demand Names Of Million Dollar Bonus Execs
By March 9, 2009
New York Attorney General and House Financial Services Committee Chair Barney Frank have written a letter to Bank of America CEO Ken Lewis demanding the names of the nearly 700 executives who received bonuses in excess of one million dollars.
NY AG: Before Losing $15 Billion, Merrill Lynch Quietly Made 696 Employees Millionaires
By February 11, 2009
New York Attorney General Andrew Cuomo wrote a letter yesterday to Rep. Barney Frank (D-Mass.), head of the House Financial Services Committee, (which is currently holding hearings Washington on how banks are spending bailout funds.) In the letter, Cuomo expresses concern that Merrill Lynch moved up their bonus schedule so that they could make sure that taxpayers would get the bill.
Is Bank of America About To Become THE Bank of America?
By February 5, 2009
Bank of America‘s stock slid to a 20 year low today as investors became increasingly convinced that the bank would be nationalized. Share tumbled 18% early today, before climbing back up in the afternoon, says CNNMoney.
Union Asks Bank Of America Customers To Ask Tellers To Ask CEO To Resign
By January 28, 2009
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.
Bank of America CEO Explains How He Beat Wall Street
By October 21, 2008
Is the new financial capital of our country located in Charlotte, NC? 60 Minutes traveled down south to talk to CEO Ken Lewis about his bank, its recent purchase of Merrill Lynch, whether or not the bank bailout is “socialism” and the economic crisis in general.
