BofA, others shouldn't spend shareholder money on politics

[Donnachaidh]

http://www.charlotteobserver.com/2011/05/15/2296788/bofa-others-shouldnt-spend-shareholder.html#ixzz1MWokWhwZ

From Bob Phillips, executive director, Common Cause North Carolina:

So last week's Bank of America shareholders meeting lacked fireworks. Shareholders, understandably concerned about the bank's bottom line, perhaps heard what they needed to from Chief Executive Brian Moynihan.

But one issue that should have been addressed at the meeting, but was not, is the bank's role in our political system.

No question BofA has been a good corporate citizen for Charlotte and beyond. But how does a bank that reported a net income of $6.3 billion in 2009 pay nothing in federal income taxes? In fact, Bank of America received a $1.9 billion tax refund despite not paying any federal income taxes. How is that possible?

Read more: http://www.charlotteobserver.com/2011/05/15/2296788/bofa-others-shouldnt-spend-shareholder.html#ixzz1MWuy7Vaq