Author Topic: Bank of America Owners Declare War on Taxpayers  (Read 1880 times)

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Offline StemCell

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Bank of America Owners Declare War on Taxpayers
« on: May 04, 2009, 11:41:01 am »

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=agJ0gr2HP1RI

 May 1 (Bloomberg) -- The votes are in at Bank of America Corp. And the message to America is unmistakable: Itís them versus us.

The big news from Bank of Americaís annual meeting this week was that a majority of shareholders are content with the performance of the companyís directors. All 18 of them, including Chief Executive Officer Kenneth Lewis, were re-elected with at least 63 percent of the votes cast. All except Lewis and lead director Temple Sloan got more than 72 percent.

This outpouring of satisfaction leads to a question surely on many good citizensí minds: What in heavenís name could the geniuses who voted for these people have been thinking?

The same goes for the shareholders who cast their ballots last week to re-elect all of Citigroup Inc.ís directors, each with more than 70 percent of the vote. Even Citigroupís CEO, Vikram Pandit, got a decisive majority.

Almost two years into Americaís great financial fondue, we still havenít tamed our nationís systemically dangerous banks. Thatís not just the fault of captive banking regulators, or cash-craving congressmen, or willfully blind credit-rating companies, or the people who run the banks. The shareholders who own the banks are just as much to blame.

Keep the Bums

Sure, Lewis is now out as chairman of Bank of Americaís board, after a bare 50.3 percent of votes were cast in favor of splitting the bankís chairman and CEO positions. Yet far from a revolt, this was more like throwing the bums in. Lewisís replacement as chairman, Morehouse College President Emeritus Walter Massey, has been on the bankís board since 1998. Doing what, exactly, is far from apparent.

These votes were the best chance we had for a taste of accountability at Citigroup or Bank of America, which together have received $90 billion of taxpayer bailout money. The banksí shareholders rose to the challenge by flipping us all the bird.

Itís not as if anyone was asking them to place the countryís needs ahead of their own. No, the worst part is that so many of them were too lazy or stupid to vote in their own best interests.

Who in their right mind could be satisfied with the boards of Citigroup or Bank of America, which in the past year have destroyed most of their stock-market value, crawled like beggars in search of government rescue money, and turned their brand names into household curse words?

Donít Rock Boat

There are some logical, if cynical, explanations. Perhaps some shareholders feel fortunate to have anything left of their stakes at all, and decided to reward the banksí directors for driving such hard bargains with the taxpayers. Or maybe a bunch of institutional investors that do business with the banks, such as brokerage firms that vote their customersí proxies, chose not to risk retaliation by rocking the boat.

The good-governance pundits say we should take note of all the votes withheld from the companiesí board members as a sign of restlessness. Charles Elson, the oft-quoted director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, told a Bloomberg News reporter that the size of the opposition to Lewis and Sloan ďsymbolizes the deep level of discontent with the management of the companyĒ and that shareholder activists had ďmade their point.Ē

The main point I see, however, is that the majority of these banksí shareholders need to have their heads examined.

They have to know they face even more dilution of their stakes because the banks probably donít have enough capital to avoid returning to the bailout trough. And Bank of Americaís shareholders must remember how Lewisís board royally hosed them in December, by not disclosing the 11-figure losses at Merrill Lynch & Co. until after the purchase of Merrill was completed.

Or maybe not. Iím all for shareholder rights and protecting investors from wayward managers and boards. This time, however, the investors needing protection are the American people, who seem destined to become the majority owners of these banks.

The rest of the shareholders at Citigroup and Bank of America are lucky they havenít been wiped out already. They certainly deserve to be now.

Offline point

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Re: Bank of America Owners Declare War on Taxpayers
« Reply #1 on: May 04, 2009, 12:00:43 pm »
They need to be careful with that word.  Now is not the time for threats like that.  I still cant see why they just dont give everyone the $100k FICA and tell them to go spend it.
Such wastes.

Offline SieMyst

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Re: Bank of America Owners Declare War on Taxpayers
« Reply #2 on: May 18, 2009, 09:41:52 am »
please e mail me back at

vegan_lover@hotmail.com


  people, you are up against you no the credit people,that' produce allot of jobs and there's people everywhere it's like David going up against Goliath, Just like you can hire someone to kill how much easer is it to hire someone to wright or that might think you are a threat to there well fair'


Well anyway just found your web page my credit was ruined also I have been going at it a slightly different way' lol  I have been contacting the government and telling them I have had it. I do not want credit any more. I have posted my social security number on a lot of  sights and said enough is enough' There out of control I recently have not been paying for two cards, I had received one I ordered on purpose a premiere card' I am sure you have heard of them.They  charged me 257 dollars' right of the top. A 250 limit i did not even use the card and received a bill a week later for 14 dollars or so so I then spent 70 off of the card, and mailed it to Barrack h'


Obama for everyone to see and said we have had enough" you can find a different way to track us, on the envelope I  highlighting the card's deductions with a pen. I wrote my social security number on the back because this is getting down right annoying  I lost a car from bad credit because of a corrupt lawyer' Named >>Jack Hannaman<<    to make a long story short ' He was the one who did it. My pension contract was supposed to be five years after he found out I lost the paper he arranged for me to sign another' only this one was for 16 more years' I was going threw a divorce' and needed him so I signed the paper'  so it varies widely the whole system is a joke' hope this helped' your friend Richard Sievert ssn 560117667 please ruin my credit further i hate it'


this is my way to fight back I do not suggest anyone do this but I am.
_-I am is angry-_
Principles' and powers are in the hands of the rich' they cannot have it "It belongs to me' the poor Sheppard that will stop them all.

Offline Overcast

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Re: Bank of America Owners Declare War on Taxpayers
« Reply #3 on: June 03, 2009, 06:29:30 pm »


 May 1 (Bloomberg) -- The votes are in at Bank of America Corp. And the message to America is unmistakable: Itís them versus us.


What good is their 'money' if we don't use it?
And dying in your beds, many years from now, would you be willin' to trade ALL the days, from this day to that, for one chance, just one chance, to come back here and tell our enemies that they may take our lives, but they'll never take... OUR FREEDOM!

Offline agentbluescreen

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Re: Bank of America Owners Declare War on Taxpayers
« Reply #4 on: June 03, 2009, 06:35:18 pm »

This outpouring of satisfaction leads to a question surely on many good citizensí minds: What in heavenís name could the geniuses who voted for these people have been thinking?

The same goes for the shareholders who cast their ballots last week to re-elect all of Citigroup Inc.ís directors, each with more than 70 percent of the vote. Even Citigroupís CEO, Vikram Pandit, got a decisive majority.


Ballad of Timothy Geithner

http://www.youtube.com/watch?v=MAdJLLmpWBU