@cicerone imposter,
It could be a raucous day in Charlotte Wednesday. BOA will be having its annual meeting. I see today the CalPERS (CA Public Employees Retirement System) will vote its 22M shares against the reelection of the 18 members of the Board of Directors, including Ken Lewis, Chairman and CEO. 22M is only 1/3rd of 1% of outstanding shares, but there are many, many institutional investors in BOA who take their cue from CalPERS, the largest public investor in stocks in the country.
I won't say that these Board elections are rigged. Suffice it to say that it is rare for Director loses an election. I am reminded of the southern politician who bragged that the only way who could ever lose a contest would be if he were caught in bed with a dead teen-aged girl or a live teen-aged boy.
CalPERS is pissed about BOA's acquisition of Merrill, judging that it was a really bad deal for BOA. In addition they fault Lewis for not killing the $3.6 in ML bonuses while getting TARP money.
CI, in the article above, cites the Stress Test results, which are leaking out and suggest that BOA and Citi will need to raise a bunch of new capital. The stress test results will be made public next week.