For Immediate Release
Mark McCullough, 202-730-7283
With GM Chief Wagoner Out, SEIU Says, 'Fire Bank of America CEO Ken Lewis Next'
SEIU Starts Online Campaign Calling for Lewis' Ouster
WASHINGTON - On the heels of General Motors Chief Executive Rick Wagoner's firing
Monday for his mismanagement of a company that received billions in
taxpayer dollars, SEIU called for Bank of America CEO Ken Lewis to be
"It defies logic, common-sense, and responsible governance to punish
the auto industry while letting financial institutions off the hook,"
said Service Employees International Union President Andy Stern. "Both
Rick Wagoner and Ken Lewis sunk large public companies--putting
thousands out of work and toppling the American economy-- while
accepting billions in taxpayer bailouts. Yet only Wagoner got a pink
slip. It's time for Treasury Secretary Geithner to replace Ken Lewis as
CEO and let real reform take hold at Bank of America."
In an online petition, SEIU listed several reasons Geithner should replace Lewis:
- $45 billion bailout for more of the same. Bank of America has yet
to change its core business practices that ran our economy into the
ground in the first place.
- $5 billion in bonuses met with blind eye. CEO Ken Lewis turned a
blind eye when one of his new acquisitions gave out an estimated $5
billion in bonuses right before the company got a $10 billion bailout.
- $120 million in CEO pay. Bank of America CEO Ken Lewis took home
$120 million dollars in 2006, more than 4,000 times what his average
employee makes. The era of excess is over.
- 247,000 forgotten employees. Bank of America is actively fighting
the Employee Free Choice Act, which would level the playing with for
its employees. And in some states, Bank of America employees take up
large portions of public health care because they don't earn enough
"Firing GM's CEO is a positive step towards restructuring a broken
industry. But the Obama Administration needs to apply the same lesson
to the financial sector: replace failed leadership and shepherd the
industry into a new era," continued Stern.
Access the petition at http://action.seiu.org/page/s/firekenlewis.
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