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Powerful Labor Union Calls for Lewis’s Ouster
Powerhouse Service Employees International Union became the first union to call for the ouster of Bank of America CEO Ken Lewis today.
In an announcement just released, SEIU said Lewis should be fired because “Lewis’s Bank of America approved of the decision to pay $4 billion in bonuses to Merrill Lynch executives after accepting $25 billion in taxpayer-financed bailout money. Lewis’s Bank of America sanctioned the December bonuses even though Merrill Lynch’s growing losses threatened BofA’s takeover of the firm.”
The news was first reported on a Washington Post blog today.
Here’s a letter about Lewis that SEIU will reportedly circulate shortly, courtesy of The Plum Line blog:
Subject: Time to go
Dear first_name,
Bank of America CEO Ken Lewis just doesn’t get it. The era of greed and irresponsibility is over.
Bank of America tellers make about $24,000 a year. That’s less than what the CEO of a company bought by Bank of America paid for his curtains during the $1.2 million redecoration of his personal office.
Enough is enough. Bank of America must fire CEO Ken Lewis.
On Thursday, we’re asking you to go to a Bank of America location to talk directly with employees about what’s happening with their company – and why their CEO should be fired.
Click here to find an event near you http://action.seiu.org/page/event/search_simple, or create your own event at a Bank of America branch. http://action.seiu.org/page/event/create
News reports say that Bank of America CEO Ken Lewis turned a blind eye when one of his new acquisitions doled out billions in executive pay in 2008 – including an estimated $4 billion in bonuses right before the company got its $10 billion bailout from the government.
We’re going to Bank of America locations around the country on Thursday because the employees of the largest bank in the country need to hear the truth about their CEO.
Let’s be clear: it won’t be enough to replace Ken Lewis with someone equally reckless. After Bank of America replaces its CEO, the company needs to use its $45 billion bailout money responsibly. We’re asking the company to:
* Provide health care for its 247,000 workers
* Keep over 12,000 troubled borrowers in their homes with executive bonus money
* Sign new leases with renters who live in buildings that are being foreclosed upon
* Commit to providing affordable healthcare to all of its employees and their dependents.
FInd a Bank of America near you and invite your friends to help you talk to tellers. http://action.seiu.org/page/event/create Click here to tell Bank of America employees about their company on Thursday. http://action.seiu.org/page/event/search_simplehttp://action.seiu.org/page/event/search_simple2
It seems Bank of America CEO Ken Lewis forgot about the 247,000 people who make his company successful. In 20076, Lewis took home $99 million, more than 4,000 times what his average employee makes. In some states, Bank of America employees take up large portions of public health care because they don’t earn enough money.
Someone needs to stand up for Bank of America employees, because the company sure isn’t. It’s time for Ken Lewis to go.
Join us at Bank of America locations on Thursday. http://action.seiu.org/page/event/create
Thanks for your continued support.
In solidarity,
Michael Whitney
Change that Works
SEIU.org
BofA is SEIU’s target of choice right now. The SEIU web site blasts Bank of America for taking TARP funds and engaging in “reckless” banking.
SEIU has 2 million members. None work at Bank of America.
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