Why did Bank of America’s board nix the director’s flying privileges on the bank’s corporate jets?
Recall what happened back in December when Gifford and Brian Moynihan went to DC to testify on the Merrill Lynch deal:
On two occasions, Gifford stepped in to answer questions originally posed to Moynihan.
At one point, Gifford was asked if Moynihan was a candidate for the CEO position. Gifford replied, “That’s what I read in the newspapers.” He went on to explain that he would not speak publicly about the CEO search.
Also recall that the feds dug out an email from Gifford calling the ML deal “a bad mistake.”
Gifford was allowed up to 120 hours on the planes. Hugh McColl is still flying high.
