For, Lo, Thine Enemies Make A Tumult

by
Abby Zimet

Angry shareholders
ousted Kenneth Lewis as chairman of Bank of America, but narrowly voted to keep him on as chief executive. During a four-hour meeting, speakers blasted Lewis for his ill-advised purchase of Merrill Lynch, questioned the bank's billions in bonuses and bailouts, cited Psalm 83, and suggested Lewis give away a $10 million salary he clearly didn't deserve. Still, he remains head of the board. To fire him from that job too, go here.

"This is an unambiguous vote of no confidence," said Campbell Harvey, finance professor at Duke University. "Shareholders were able to turn the tide here."

 

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