This morning the Wall Street Journal reports on the first look at those financial stress tests. The results? Bank of America has a "shortfall [that] amounts to billions of dollars."
Bank of America is what the Wall Street Journal called a "problem child" of the financial industry. CEO Ken Lewis has overseen the spectacular fall from grace of his company - and things aren't looking up any time soon.
Enough. It's for CEO Ken Lewis to go, and for Bank of America to be reformed.
Today, at more than 60 locations around the country, taxpayers will gather outside Bank of America locations to call for reform at the bank by signing "taxpayer proxy cards." Those cards will be delivered to Bank of America's annual shareholder meeting tomorrow,
when shareholders could decide it's time for Ken Lewis' tenure at the helm at Bank of America to come to an end.
So how can we take back our economy? Here's where to start with Bank of America:
Already more than 70,000 people have signed their cards calling for reform at Bank of America - you can sign yours here.
- Fire CEO Ken Lewis;
- Commit to real financial reform;
- Stop consumer abuses and predatory lending practices that hurt communities;
- Provide bank workers access to affordable healthcare;
- Stop lobbying against pro-worker legislation like the Employee Free Choice Act that would support working families, restore balance to our economy, and ensure bank workers have a voice on the job to protect consumers.
Bank of America can get to $199.2 billion from our government, but the bank continues to hurt customers, taxpayers, and its own employees.
Our savings disappear, our debt skyrockets, and our retirement security vanishes. And for what? For the same people who got us into this mess trying to tell us they know the way out.
Take, for instance, news from yesterday's New York Post. After Bank of America cut 34,000 jobs and pledged to cut 35,000 more, the bank took the amazing step of hiring 15,000 new workers! The only problem is, these jobs are based in India.
After US taxpayers putting U.S. taxpayers on the hook for nearly $200 billion in Bank of America, it's time the bank returned the favor. It's clear that CEO Ken Lewis is part of the problem with Bank of America, not the solution. So it's time for him to go.
Find an event near you today and sign a "taxpayer proxy card" to show your support for reform at Bank of America.