Bank of America says Ken Lewis has been removed as company chairman but will remain CEO and presiden

[HopeHoops]

Source: CNN (BREAKING NEWS banner)

I added the link when it became available.

NEW YORK (CNNMoney.com) -- Bank of America chief executive officer Ken Lewis was ousted from his role as chairman of the bank after shareholders approved a proposal to require that the company have an independent chairman.

Read more: http://money.cnn.com/2009/04/29/news/companies/bofa_shareholders/index.htm?cnn=yes

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Yeah, like that is SO going to help. "Well, you can't be captain anymore, but you can still be the admiral and general!"

I don't understand how someone can be CEO, Chairman, and President at the same time ANYWAY - that should be banned outright. This basically has no impact other than to give BofA some press time. Assholes.

[Thrill]

1. So basically he can still get his big checks and bonuses?

His eyes freak me out

[Blue Hen Buckeye]

3. If he is still CEO what difference does it make?

[Faygo Kid]

4. Exactly. So they get a figurehead chair of the Board. Big freakin' deal.

Just about got those suckers' credit cards paid off, just as they jack up the rates on me.

Sorry, BofA, no more blood from this turnip.

[valerief]

2. What??? Why isn't he on the corner with a cup of pencils? nt

[SOS]

5. In 1933, Ferdinand Pecora took down Charles Mitchell in five days.

Mitchell was the criminal CEO of National City Bank (Citibank today).
He was the most powerful man on Wall Street.
After five days of questioning, Mitchell was ruined.

Where is our Pecora?