Monday, March 09, 2009

BofA's Stonewall

The information about bonuses to Merrill Lynch execs has been bought and paid for by the American public with the billions of dollars granted to Bank of America. Furthermore, the stockholders in BofA have a right to know where money that might have supported the stock price or paid dividends went.

If CEO Ken Lewis and the other BofA executives want to keep information secret then they should pay off the federal loans from their own enormous personal wealth, buy up the common stock, and convert Bank of America into a private company. As long as it is a public company on the government dole then they have a fiduciary responsibility to disclose what they are doing with the stockholders and government money.

Of course, if Ken Lewis is a thief and he is trying to hide the massive misappropriation of capital then I understand why he is expending such effort to keep his activities secret.

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