Unclear why this is a story. Other than the fact that Democrats on the House Oversight committee want to make it one.
In fact, if anything it supplies evidence that BofA board members were surprised — shocked even — that the bank’s performance would mandate a cut in the dividend paid to shareholders. Everyone but little children knew that was coming back at the first of the year.
Turns out that some bank insiders were not conspiring to hide bad info from the shareholders but instead were simply clueless themselves. As I’ve always said, if human stupidity might be a cause of any action or inaction, it probably is the cause.
