BofA is simply the gift that keeps on giving.The Board's move to replace Lewis as CEO is growing more problematic than anticipated, and creating some waves. There are concerns that names being floated are not worthy ("tainted" by the Merrill merger decisions).
Ken Lewis' retirement pay will comfortably total over $100 million, in accrued benefits and deferred compensation (including stock). Despite Lewis' performance up to the Merrill merger (that largely made BofA the titan it is today), people are clamouring for Czar Feinberg to veto that figure. No comment from Feinberg's office.
On top of this: there are rumblings about what can Lewis was advised by his GC at the time of the Merrill merger, and if he actually ignored the counsel. I suspect this rumour is going to grow between now and the time of the SEC trial ...
Which, by the way, has been moved to March and is now a jury trial.
Regarding the various shareholder matters? Earlier this week, a major BofA shareholder filed a document with the SEC making various demands on the BofA board (GC should talk, and start an internal investigation by an other outside counsel). Separately, a motion to dismiss a shareholder suit is occurring next week in Delaware (a request has been filed with the court to webcast the matter).
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