Beleaguered Bank of America Corp. shareholders pleaded Wednesday with the bank’s chief executive not to proceed with a $4 billion acquisition of distressed subprime mortgage lender Countrywide Financial Corp., the Associated Press reports.
Shareholders told CEO Ken Lewis at the Charlotte-based bank’s annual meeting that they were concerned about the company’s position in a weakened economy and bearing the brunt of a collapsed stock price.
“My stock is a big piece of my net worth,” said Frank “Cole” Inman, of Eugene, Ore. “Maybe the (Countrywide) deal is good for America, but I question if it is good for Bank of America shareholders.”
Lewis acknowledged the housing crisis wasn’t over but said Bank of America paid a fair price for Countrywide and continues to perform deep due-diligence.
