BofA Board Unanimously Supports Current Direction


Once again, it looks like the Bank of America (BAC) board is not in any mood to shake things up. After buying another 200,000 shares in his company, CEO Ken Lewis sent out an all-fine memo to employees

WSJ: Last week, Mr. Lewis went before his directors in Charlotte for “the longest board meeting in anyone’s memory,” he told employees in a memo. “The board unanimously endorsed our business model, strategic direction and the team. The burden of execution and accountability, as always, rests squarely on our shoulders to vindicate their confidence in us.”

He called the company’s performance in January “encouraging.” The “extreme dislocations in the capital markets we suffered last quarter seem to have moderated” but “credit costs continue to be a big issue.”

We wonder why the meeting was “the longest board meeting in anyone’s memory” if the board is so unified that everything’s going right.

Anyway, we’re hoping for some excitement when Maria interview Ken at 11:00 today. Stay tuned.