Angry Shareholders Still Flock to Their Shepherd
NEW YORK (TheStreet) -- They are rioting in the streets and Bank of America(BAC) annual meeting aisles! This must mean that angry shareholders are exerting considerable influence and CEO Brian Moynihan is on the ropes, right? Well, not exactly. But we'll get to that in a moment. The media did not -- and that, unfortunately, runs the risk of giving traders the wrong idea.
Typically, the media went into full schoolyard fight mode. They focused on the size, noise and (apparent) influence of the mob. The New York Post ran the headline: "Brian gets broiled at BofA annual meeting."
And an excitable lead: "Police, protesters and irate stockholders!"
The Associated Press got in on the riot act, noting that the protests extended inside and outside the meeting, forcing police to invoke "a new ordinance to declare the gathering an extraordinary event subject to special restrictions." They even told the story of an angry nun inside the meeting.