Sunday, May 3, 2009

There was so much national media coverage of Bank of America's shareholders meeting last week in Charlotte, you would've thought the meeting wasn't an annual occurrence. But, of course, the economy--and the state of banks specifically--isn't where it was a year ago and people's concerns are at an all-time high. As you know, Bank of America CEO Ken Lewis was stripped of his chairman title at the meeting, which was said to have drawn 2,200 shareholders inside Belk Theater at the start of the contentious, four-hour session.

Offering an interesting perspective on the day's event and insight into what's to come was former BofA CEO/chairman Hugh McColl, who is credited for creating the blueprint for the behemoth the bank is today, before retiring in 2001 and being succeeded by Lewis. In this video below, Bloomberg News interviews McColl outside of the shareholders meeting. Even though he dodges a few questions, I like how McColl always speaks so matter-of-factly.

We can expect another storm to brew later this week. The results of the federal government's "stress tests" of 19 U.S. banks are scheduled to be released Thursday.


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