CLSA analyst Mike Mayo does not like the fact that Bank of America is trying to combine the role of CEO and chairman at the bank.
He doesn’t like the fact that chief executive Brian Moynihan has already taken the chairman post, despite a 2009 shareholder vote to separate the roles.
He thinks the combination stiffs shareholders because the board lacks oversight as it is. He also thinks the board should see a full year of financials before making a decision on this.
And so he wrote a note about it, as analysts do.
But this is no ordinary analyst note. No. This is a perfect example of how you eviscerate a Wall Street bank, or any other company for that matter.
Instead of simply outlining his argument for the sell rating, Mayo released an annotated version of Bank of America’s proxy statement. Bank of America didn’t comment in time for publication.
We’ve selected a few particularly Mayo-esque excerpts and included them below for your instruction: