Now on YouTube,an Outcry Against BofA’s Lewis
By New York Times
Ahead of Bank of America’s annual meeting on Wednesday, the activist filmmaker Robert Greenwald is helping lead the charge to fire Kenneth D. Lewis, the bank’s embattled chief executive.
Mr. Greenwald, who has made films critical of Wal-Mart, John McCain, Rupert Murdoch and the wars in Iraq and Afghanistan, has produced a video demanding Mr. Lewis’s ouster and is distributing it on YouTube. The video, narrated by Robert B, Reich, the labor secretary under President Bill Clinton, portrays Mr. Lewis as the poster boy of corporate greed and incompetence.
The video is basically a collection of clips from news reports critical of Mr. Lewis and Bank of America for government bailouts, billions of dollars in bonuses, the Merrill Lynch purchase, high credit rates and anti-union advocacy. Interspersed between them, Mr. Greenwald repeatedly proclaims his message: “Fire Ken Lewis!”
That message has resonated with some big shareholders of Bank of America. Calpers, the huge California public pension fund, said Tuesday that it was voting against re-electing Mr. Lewis and the rest of the bank’s board. The fund joins Calstrs, the California teachers retirement fund, and several other state and union pension funds in opposing Mr. Lewis.
Two influential investor advisory groups, the RiskMetrics Group and Glass Lewis, have also recommended voting against Mr. Lewis.