BofA shareholder Jonathan Finger on his proxy fight - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?)
Subscriber Content Preview | Request a free trialSearch  


Share  |  Reprint

BofA shareholder Jonathan Finger on his proxy fight

Published April 29, 2009 at 6:06 PM
Finger Interests Number One Ltd. is one of a handful of Bank of America Corp. (NYSE:BAC) shareholder groups that have filed suit over the acquisition of Merrill Lynch & Co. In this edition of Inside The Deal, partner Jonathan Finger says the BofA board, led by chief executive Ken Lewis, has destroyed shareholder value over the past five years. As a result, he's urging fellow shareholders to oust Lewis and two other directors at the bank's April 29 annual meeting. He also says BofA withheld information about Merrill Lynch losses prior to the shareholder vote on the deal in December. (For BofA's response to those charges, see the statement below.) See the video below or download it at iTunes - Suzanne Stevens

Bank of America provided the following statement in response to Jonathan Finger's charges:

"The strategic and financial advantages of the Countrywide and Merrill Lynch acquisitions will soon be apparent. We believe our disclosures for the special shareholders meeting were appropriate and met all legal requirements. The vast majority of talent at Merrill Lynch is staying and synergies between Merrill Lynch and Bank of America platforms are already producing results." 

For comments or suggestions about Deal Video, please contact Use the following embed code to run this video on your Web site:
<object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" width="437" height="370" id="viddler_7024a881"><param name="movie" value="" /><param name="allowScriptAccess" value="always" /><param name="allowFullScreen" value="true" /><embed src="" width="437" height="370" type="application/x-shockwave-flash" allowScriptAccess="always" allowFullScreen="true" name="viddler_7024a881"></embed></object>

Also see:
Jonathan Finger on why BofA's Lewis must go
Ken Lewis has one foot out the door
BofA's Lewis' time almost up


Meet the journalists

Movers & Shakers

Launch Movers and shakers slideshow

Santander Holdings USA Inc. recently named T. Timothy Ryan Jr. as nonexecutive chairman of the board of directors of Santander Holdings and of Santander Bank NA. For other updates launch today's Movers & shakers slideshow.


Following activist pressure, Volcano is sold for $1.2B

Royal Philips announced an agreement to acquire San Diego healthcare imaging company Volcano for $1.2 billion as CEO Frans van Houten rebalances the Dutch electronics company towards medical devices. More video