I hate to say I told you so, but I did. Bank of America ( BAC) Chairman and CEO Ken Lewis and his board all won re-election by a wide margin at today's annual meeting, according to a person familiar with the vote counting. So much for the shareholder revolt! Common shareholders got a chance to vent but they were ignored just like they were over at Citigroup ( C) last week. The sad reality is that common shareholders don't matter. Not the average folks who own shares. The institutional holders prefer the devil they know. They probably have friends on the board who they went golfing with last weekend. No doubt they doused a few single malt Scotches at the country club afterwards and lamented that they even have to go through the charade of this annual meeting. Maybe Ken Lewis was with them. They told him not to worry. He's their boy. They probably didn't ask whether he's got a plan to make sense out of the Bankenstein he created with all the takeovers he's under fire for doing -- Merrill Lynch, Countrywide, etc. You don't hear much about plans. Word from Bank of America is that everything is going fine. They nailed the first-quarter numbers, right? Hey, $4.2 billion profit is something in this environment. No need to talk about the big fourth-quarter loss for BofA and the even bigger one over at Merrill -- that was before the merger. Merrill is working out wonderfully now, adding $3 billion to first-quarter profit. And that business about keeping all those merger problems secret is all the government's fault. Don't blame Ken Lewis, folks.
It's all good. Please don't fret over these reports that the government thinks Bank of America is under capitalized. Ken Lewis & Co. still have plenty of options, which TheStreet.com's Lauren LaCapra outlined in her piece yesterday: BofA Not Quite Out of Options. But you don't hear much from Ken Lewis about the options he's pursuing. He sounded a confident note last month when said he's confident his bank will pass the stress test. True or not, it would be nice to hear more from Lewis about his plans for Bank of America. His vision for the future. And what he's going to be doing to get the share price up from $8.15 and back in the $40 range that shareholders once enjoyed. Try as I might, I can't seem to get on Lewis' wavelength about his grand plan. So I have to ask: What's the frequency, Kenneth? Are you outraged? Share your thoughts be sending an email to the editor.