Bank of America CEO in the hot seat
The bank is the latest target for protesters from the Occupy movement.
Despite the ruckus, shareholders still approved the $7 million pay package for 2011 for CEO Brian Moynihan. About 92% of shareholders gave the green light to Moynihan's salary in a nonbinding vote. That was likely a relief for Moynihan, especially after Citigroup (C) shareholders recently gave a thumbs down to the bank's CEO pay package. Moynihan's compensation fell from $10 million in 2010.
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But some shareholders still gave Moynihan an earful, particularly about the way the bank has handled foreclosures. "What is it going to take for Bank of America to start abiding by the law and treating customers fairly?" asked one, according to a report in The New York Times. Moynihan responded that the company follows the law every day and is doing everything it can.
Bank of America bought itself a giant mess when it acquired Countrywide Financial in 2008. It took on a massive portfolio of subprime home loans and was ill-prepared for the onslaught of foreclosures that followed.
Outside the meeting, protesters divided into three marches related to housing justice, worker rights and the bank's relationship with the coal industry, reports the Charlotte Observer.
Moynihan closed the meeting after about two hours, despite the fact that many shareholders still had questions and comments for him.
By the way, Moynihan was recently rated the worst big-bank CEO in the United States. An analyst from Credit Agricole Securities ranked bank CEOs by how their company shares have performed during their tenure. Moynihan came in last, as B of A shares have plummeted more than 40% since he became the top boss.
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how come guillotines and angry mobs died with the French Revolution?!
There's one CEO and how many banking "customers"? seems like the masses could easily have their way if they practiced the same ethics as B of A. survival of the fittest... we want to survive, we should do what it takes
I use to be customer of B of A till they allowed identity theft criminals on the run from the the law access to my new bank account.
This was after i instructed the fraud dept not to allow any banking or change of address unless my wife or i presented ID at a branch.
all was agreed and i was told that the checks and bank cards for the new account will be held at the local branch for my wife or i to pick up.
days later B of A allowed the criminals over the phone to obtain the next 200 checks in sequence and a new bank card sent to a P.O. box the criminals were using to fraud other victims.
I was unaware of this till i went to the bank to withdraw funds with the temporary checks issued to me since it was two days before i was going to check the local branch to see if my permanent checks and bank card have arrived .
its amazing how quick B of A gave these criminals the next 200 checks in sequence and a new bank card before before me.
furthermore B of A accussed me of being negligent and allowing the criminals access to my account and then tried to take me through several civil courts to recover the funds.
each time i talked to the attorneys and told them what was going on and each time i would get a dismissal from each court.
Ii agree with the comments on this post about the feds supporting B of A as i went to the FTC with several pages of documentation on the fraud and B of A negligence only to be instructed to take B of A to court.
that didn't work since i could not find an attorney man enough to stand up to the corrupt B of A.
this all hapened in 2006-2007 and i stared to inform the appropiate commitees in congress of the corruption and wrong doings of the business world as a result of my ID theft dealings.
I started to put out the dangers on the social media and if something isnt done ,there will be a colapse of the financial markets, high unemployment, and a deep recession.
amazing how all the things i warned the congressional commitees and the social network about happened in September 2008.
thanks to my efforts by the trail left by corupt B of A- the FBI and the Bullhead city police dept had the crimanals under surveilance and arrested the husband and wife team with all kinds of evidence which gave them multiple prison terms. certain individuals with B of A check fraud and bank card fruad dept should have joined the couple in prison. like Rhonda Rhodes and Martin rasheen
I will just say across the board (Publically Traded Stocks and Private) Very Hard to believe in these tough times someone gets the ridiculous Bonuses that I have seen over the past 3 years, absolutely outrageous.
I have been trying for my loan mod for almost 3 years with BofA which bought my loan from the defunked Country wide.
They are asking me all of this time for documents upon documents that should have been provided by country wide right down to contracts.
I in the beginning had paid an attorney several thousand dollars and never got any help other than can’t help you bank is too hard to work with.
Tough times for our Country and Its Citizens, For Me being placed on Family Medical Emergency Medical leave My Wife of 45 years Battling Cancer for years 2002, due to the economy have lost my high six figure income, and now facing losing my home of which we worked so hard for bought and sold our homes trading up to the present and facing foreclosure. Other than Medical bills, no credit cards just the utility bills and insurance Am Lost, We Have Pinched Our Penney's but our savings is rapidly depleting!! I have Served My Country USARMY 6 Years, been a faithful husband and friend for 47 Years, Now Sins and Attend My Prayers and Church; I write this as my Prayers are not answered All of the problems But The Big One Is My Brides Illness, What Have I Done Wrong~
I Just Pray Every Night That I will Not Wake To The Tomorrow~~
Bless You All and Be Safe
BofA did the industry and the politicians a big favor by picking up Countrywide. Stick with them.
Their gratitude will show in the stock prices in due time. IOU's are honored in the 0.1%
I've been with BofA for decades since I left army active duty in the mid 1960's and unlike so many out there, I have never had any complaints with its officers or my accounts. Which bank or s&l is the best one to deal with? CU and Consumer Reports are of no help; neither is the BBB in San Diego. Come on people, which bank is free of hangups or scandals!
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