Bank Of America Meeting Brings Big Protests, But Few Surprises
Hundreds of protesters blocked an Uptown intersection Wednesday morning as Bank of America's annual meeting got underway. CEO Brian Moynihan spent two hours fielding questions from angry shareholders affiliated with the same activist groups protesting outside the meeting. They want Bank of America to foreclose less and forgive more mortgage debt. Moynihan says resolving mortgages that are in default is "the most important thing we do." "From a shareholder perspective, we spend $3 billion a quarter working on this - a quarter," said Moynihan during the meeting. "So it's most important for our shareholders to get this behind us in the best possible way." Shareholders also criticized Bank of America for funding coal companies and payday lenders. Charlotte-Mecklenburg Police say four people were arrested for trying to force their way into the meeting without proper credentials. Police used today's protests as a warm-up for large-scale demonstrations expected at the Democratic National Convention in September.