Nailing the Board
Regarding the April 20 story, “B of A Seeks Liability Exemption for Directors”: Small wonder! Those BankAmerica directors should be running for cover.
Having for four to five years presided over a management team unable to admit its gross error and unable to change much, they watched their stock value drop from highs of about $30 a share down to lows of about $10. Worst of all, they turned down bailout offers that would have gotten the common stockholders an approximation of the current liquidation value.
The directors seem not to represent the shareholders of B of A, whose holdings are now worth only a little more than 50% of the company’s liquidation value. The directors should resign and turn over management to a new team, in-house or from First Interstate or other able banks.
JOHN D. ANDREWS
Palos Verdes
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