Today’s Globe contains a story by Todd Wallack about the Bank of America annual shareholder meeting yesterday in Charlotte, North Carolina.
The news peg is that this was the first such meeting presided over by new CEO Brian T. Moynihan, whom Wallack says gave “an upbeat speech on the bank’s future and calmly field[ed] questions from impassioned investors and activists for more than two hours.”
The Lion believes that no CEO should be trusted any further than an infant can throw him. Moynihan is no exception.
Consider his non-answer answer here:
Referring to Goldman Sachs Group, which is being sued by the government over its investments in the housing market, several shareholders asked Moynihan whether Bank of America had bet against the housing market or its own home loans.
Moynihan did not specifically answer about the housing bets, but said, “Everything we’ve looked at so far we’re comfortable with.’’
And did no one stand up in the meeting and note that any competent psychopathic serial killer could say the same thing about murder?
Which is pretty much what these guys get away with at these dog-and-pony shows they put on for shareholders every year. After all, consider the cigarette companies. Every year executives got the shareholders together and boasted about profits and sales, conveniently ignoring the four hundred thousand people who died every year from smoking because those same corporate officers lied for decades about the effects of smoking.
And in the meeting yesterday nobody pressed Moynihan on his non-answer. They let him get away with refusing to answer the question.
Do Moynihan and his executives and BoA shareholders think no one got hurt by what the company did the past few years? Do they think no one died, that there were no suicides, no heart attacks, no deaths caused by the rapacious greed of these banks, the greed that brought down the economy, that drove people from their homes, from their jobs, that cost them their life savings, their health?
Betcha a dollar there wasn’t much talk about that in the meeting yesterday.