Read the entire interview for access to an audio file of Lauren LaCapra's interview with Jerry and Jonathan Finger.
Updated from 2:46 p.m. EDT
Lewis painted everything in rosy hues -- predicting the economy will vastly improve over the next year, characterizing Bank of America as strong and profitable, and defending the acquisitions of Countrywide and Merrill Lynch as some of the best.One long-time stockholder, though, sees things differently. Jerry Finger, a high-profile investor who has held a stake in BofA and its predecessors through his investment firm Finger Management for over a decade, and his son Jonathan, who is a partner in the firm, spoke with TheStreet.com to provide some counterpoints. Finger Management has launched an effort to convince shareholders to vote against Lewis and two other board members at the upcoming annual meeting. A condensed version of the interview with Jerry and Jonathan Finger follows: TheStreet.com: What did you think about all of what Ken Lewis said this morning on CNBC? Jerry: He left out so many things. He didn't address the capital issues. BofA right now only has 2.8% equity relative to total assets. They'll more than likely have to increase their capital. And then he didn't [fully] address their present asset quality. For example, the credit-card delinquency is about almost 8%, and that corresponds to peers that are at about 5%. TheStreet.com: He said that those are tapering off a bit and he was striking an overall optimistic tone. Do you think he was not being totally transparent about what's going on? Jerry: I don't think that he's really looking at the situation in a realistic way. We're concerned as shareholders with shareholder value. What has happened over the term of his presence, over let's say the past five years, I believe that the bank's fiscal situation has deteriorated.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV