Ken Lewis Ousted

I've been rather silent about the bank bailouts, having already expressed my opinion that the American taxpayers should not have been forced by the government to pay for their foolishness. It pissed me off when the banks refused to tell congress how they spent the money they got, and it ticks me off that there's been no oversight.

Finally, though, the shareholders (as in taxpayers) had enough.

Mr. Lewis, who helped build Bank of America into the nation’s largest bank, was stripped of his chairman’s title — a stinging blow that leaves his stewardship and legacy in doubt. At a contentious annual general meeting, angry investors held him accountable for what they view as a series of missteps that forced the once-mighty bank to accept not one but two government bailouts.

H/T to AMERICAblog that pointed out over 90,000 taxpayer proxy cards were delivered to the shareholders' meeting yesterday.