Word: lynchings
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Anger among Bank of America investors about the Merrill Lynch deal has been brewing for months. In April, shareholders voted to strip Lewis of the title of chairman. Even then, some people predicted Lewis was not long for the bank, but he managed to hold on to his CEO title for six more months...
...Anger over the Merrill Lynch takeover led shareholders to strip Lewis' chairman title in April...
...tenure was marked by several major acquisitions, including FleetBoston Financial Corp. in 2003 for $47 billion, credit card giant MBNA in 2005 for $35 billion, Countrywide Financial Corp. in 2008 for $4 billion, and Merrill Lynch in 2008 for $50 billion...
...leaving the giant bank scrambling to find a successor. The 62-year-old garnered plaudits as he climbed the firm's rungs over 40 years, but he has absorbed a series of blows for his stewardship of the company during the financial crisis - particularly his bold takeover of Merrill Lynch in September 2008, which many critics believe was not worth the $50 billion price tag. Merrill went on to lose more than $15 billion in the fourth quarter last year; Bank of America's stock price has since fallen by half...
...Securities and Exchange Commission and New York's attorney general are investigating whether Lewis misled Bank of America shareholders before the Merrill Lynch acquisition. Merrill has paid out billions in bonuses to its staff that were allegedly not fully disclosed...