Angry Shareholders Still Flock to Their Shepherd
Problem is, The Associated Press -- and many of the other offenders -- neglected to mention a telling caveat: that Moynihan got his pay package approved. Not only that, but he got it approved by more than 90 percent of voters. Geez, even Citigroup's(C) pay package was voted down. Moreover, all Bank of America shareholder proposals failed. Got that? Any attempts to make substantive change fell flat.
The Wall Street Journal started with their coverage with the pay package approval and Reuters did similarly well to mention the shareholder proposal failures. If you are trying to get a bead on just where Bank of America management stands versus the protestors, you probably want to know the whole story.