my care2
make a difference

community & fun

shares

share your passions, stories, inspirations, and more

Why Not Let Bank Of America CEO Go? Why Just Pick On Blue Collar Auto Workers?
Apr 9, 2009

Last week the Obama administration took tough, decisive action with the auto industry, forcing the resignation of the CEO of General Motors. 

The president knows that we can't trust the same folks who got us into this mess to help lead us out. 

It's time to do the same for the banks. And the best way to start is by firing Bank of America CEO Ken Lewis. He's the worst of the worst.  
Lewis's poor management helped ruin his company and our economy. Shareholders are calling him "reckless" and citing "disastrous missteps."1 

Worse, Lewis accepted $45 billion in taxpayer bailout funds, but instead of using all the money to get the economy going again, he let $3.6 billion go to bonuses for top execs.2

There can't be real reform on Wall Street until the CEOs who brought down the banks we had to bail out are long gone. 
 
Can you sign our petition asking Treasury Secretary Geithner replace the leadership at bailed out banks—starting with Ken Lewis? Clicking here adds your name:  

http://pol.moveon.org/lewis//o.pl?id=15895-1504297-_fxSNSx&t=4

The petition says: "We can't trust the same people who got us into this financial mess to help lead us out. Replace the leadership at the bailed-out banks, starting with Bank of America CEO Ken Lewis."
Lewis is the CEO of the biggest bank in the United States.3 If Secretary Geithner forces him to resign, it'll send a strong message to the rest of Wall St.: The era of zero accountability is over and reckless behavior that puts our economy at risk won't be tolerated.
Of all the folks who helped bring about the recession, Lewis is one of the worst:
  • Shareholders say he helped drive the company into the ground. Bank of America has lost billions—and 90% of its value—in part because Lewis "hastily arranged the ill-considered acquisition" of Merrill Lynch.4 
  • Even after the crisis, he hasn't changed his ways. He ensured that high-level staff received bonuses—despite recent announcements that the bank was laying off another 35,000 employees.5
  • On top of all this, he's fighting against more rights for workers. Three days after receiving $25 billion in bailout money, Bank of America brought together powerful banking interests to figure out how to defeat the Employee Free Choice Act, a bill that makes it easier for workers to form unions.6
Ken Lewis has got to go. And we need to look closely at the other bailed-out banks that may need new leadership too. 
Our friends at Service Employees International Union (the country's fastest-growing union) have been leading this campaign for a few weeks—and they're building momentum quickly. If hundreds of thousands of us act, together, we'll be impossible to ignore. Please sign today! 

http://pol.moveon.org/lewis//o.pl?id=15895-1504297-_fxSNSx&t=5 

Thanks for all you do.
–Daniel, Patrick S., Eli, Lenore and the rest of the team
Sources:
1. "Investment group calls on BofA to fire Ken Lewis," WCNC, March 5, 2009 
http://www.moveon.org/r?r=51294&id=15895-1504297-_fxSNSx&t=6
"Union to B of A: Fire Ken Lewis or Risk a Shareholder Revolt," Talking Points Memo, March 5, 2009 
http://www.moveon.org/r?r=51295&id=15895-1504297-_fxSNSx&t=7
2. "Thain tells investigators BofA's Ken Lewis knew of bonuses," CNN Money, February 20, 2009 
http://www.moveon.org/r?r=51285&id=15895-1504297-_fxSNSx&t=8
3. "Bank of America CEO Ken Lewis scores another deal," Fortune, September 15, 2008 
http://www.moveon.org/r?r=51289&id=15895-1504297-_fxSNSx&t=9
4. "Investment group calls on BofA to fire Ken Lewis," WCNC, March 5, 2009 
http://www.moveon.org/r?r=51294&id=15895-1504297-_fxSNSx&t=10
5. "Ken Lewis, What's Really in Your Company's Best Interest?" SEIU Blog, February 12, 2009 
http://www.moveon.org/r?r=51290&id=15895-1504297-_fxSNSx&t=11
6. "Bailout Recipients Hosted Call to Defeat Key Labor Bill," Huffington Post, January 27, 2009 
http://www.moveon.org/r?r=51292&id=15895-1504297-_fxSNSx&t=12 
(0) | () | | send green star | flag as inappropriate
Visibility: Everyone
Tags: , , , , , , , ,
Posted: Apr 9, 2009 8:17am

 
 
 
Content and comments expressed here are the opinions of Care2 users and not necessarily that of Care2.com or its affiliates.

Author

Road LessTraveled
male , committed relationship, 1 child
Reno, NV, USA
Shares by Type:
All (454) | Blog (295) | Alert (64) | Poll (3) | Tribute (8) | Message (84)

Showing shares tagged with: ceo [show all]
ads keep care2 free
SHARES FROM ROAD'S NETWORK
Dec
9
(0 comments  |  discussions )
climate, animals, fairtrade, no-nuke, oh my.... :) climate, animals, fairtrade, no-nuke, oh my, groups and actions :) These Actions, on Change.org, the url :) climate, animals, fairtrade, no-nuke, oh my :) http://globalwarming.chan ge.o...
(0 comments  |  discussions )
Healthcare Day of Actions, plus   :)This Action, on Change.org, the url    :) Healthcare Day of Act + http://womensrights.chang e.org/actions/view/health care_day_of_act_ http://www.change.org/pro file/189788/actions http://w...
by Team O.
(0 comments  |  discussions )
http://www.commondreams.o rg/view/2009/12/08-1http: //freepage.twoday.net/sea rch?q=AfPakhttp://freepag e.twoday.net/search?q=Con n+Hallinan
by Team O.
(0 comments  |  discussions )
http://www.commondreams.o rg/view/2009/12/08-0 -------- ItÂ’s about the horrible policies, stupid Delaware Libertarian by Tyler Nixon 12/08/09 Obama is now convincingly a minority president. No, I donÂ’t mean racially. I mean Oba...
by Team O.
(0 comments  |  discussions )
Die Behauptung, Saddam Hussein könne binnen 45 Minuten mit Massenvernichtungswaffen Unheil über die halbe Welt verbreiten, stammte laut Angaben eines britischen Parlamentariers wesentlich von einem Personen transportierende...
by Team O.
(0 comments  |  discussions )
CDU- und FPD-Politiker wollen den Leiter des Instituts für Qualität und Wirtschaftlichkeit im Gesundheitswesen durch einen pharmaindustriefreundlich eren Kontrolleur ersetzen.http://www.heise .de/tp/r4/artikel/31/3167 1/1.ht...
by Team O.
(0 comments  |  discussions )
Bloomberg 12/09/09 U.S. homeowners have lost about $5.9 trillion in value since the housing market peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com. Almost half a billion dollars was wiped out th...
by Lo A.
(0 comments  |  discussions )
DandelionSalads: Kevin G. Hall: Obama's jobs summit: http://wp.me/p5qmX-gxi
Dec
8
(0 comments  |  discussions )
ml PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC -html4
by HM S.
(0 comments  |  0 discussions )
TOKYO -- Actor Johnny Depp highly recommends his latest movie - though he said he hadn't personally gone out to see it yet.

Copyright © 2009 Care2.com, inc. and its licensors. All rights reserved