Bank of America CEO Ken Lewis has testified that he agreed to merge with Merrill Lynch to help save the financial system, even though he knew it would be bad for some shareholders. Yesterday, shareholders struck back by stripping him of his chairmanship of the board. Despite yesterday’s rebellion, Lewis is still President and CEO. Walter Massey, who replaced him as chair, says Lewis has the “unanimous support” of the Board. Doug McIntyre is co-editor of 247WallStreet.com.
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