Bank of America Schizophrenic Approach

Bank of America’s (BAC) schizophrenic approach to its voting identifies the confused state of shareholders minds. The chairman is publicly rebuked for the Merrill Lynch deal. But the slate to fill the board is comfortably re-elected including Kenneth D. Lewis. Yes It would appear that Kenneth Lewis is the poster child and designated whipping boy for all things wrong at Bank of America. But where is the rest of the board in all this? The board allowed him to do it and now the shareholders are allowing the golden parachute to trigger. If the man is not good enough to be the chairman why is he good enough to be the president. Watch for a new board and chairman. The old school will not or should not have the trust of the shareholder.