Bank of America has a new excuse for why they haven't found someone to replace ousted CEO Ken Lewis. Nobody will take the job because it doesn't pay enough! They are, presumably with a straight face, claiming that they can't find talented candidates because of the pay restrictions put into place by Kenneth Feinberg, whom President Obama recently appointed to review compensation packages for bailed out banks.

And what, exactly, are the limits that Feinberg imposed on exec compensation for BofA? Well, so long as the bank continues to use our tax dollars to finance itself, the top 13 executives at the bank will have to fight over a pot of just - wait for it - $78.6 million. That works out to an average pay of $6 million per executive. If you are wondering, that's $16,438 per day - or a little more than 145 times what the average worker in this country makes. (For comparison, brain surgeons average about $450,000 per year and the President of the United States makes $400,000.)

Are we really expected to believe that Bank of America can't find a single competent individual ready to take on the challenge of reversing the failed course BofA has taken - for $6 million per year? Of course, that's not what's happening. What's happening is more business as usual for the big bank. According to news reports, the candidates they're trying to court include some of the top executives at other giant financial firms - the very same people who helped BofA drive us into economic crisis.

What Bank of America needs to do is expand its search to find a CEO who will care more about the families that bank with them than the number of zeroes on their paycheck. Someone who, as Andy Stern put it yesterday, can put country over company, while our economy struggles. It seems to me that the very modest pay restrictions in place on bailed out banks should be helping them do just that.

We need to tell Bank of America to stop with the tired excuses and choose a CEO that will use the tax dollars we're giving them to get our country back on track. Tell them to start lending to small businesses again. Tell them to stop foreclosing on the homes of struggling families. And tell them to never, ever hire another CEO like Ken Lewis that puts Wall Street profits ahead of Main Street families. Click here to take action: http://action.seiu.org/newceo

The Ken Lewis horror story may be in its final chapter, but it isn't over yet.

Today, newspapers are reporting that the scene inside Bank of America HQ is chaotic. Lewis' sudden ousting caught them off guard - and the man responsible for finding a new CEO cannot be reached because he's "on vacation on a ship" until the end of the month.

Since it's our tax dollars being pumped into BofA, we decided to help with the hiring process. Click here to see the 'help wanted' ad we've placed today: http://action.seiu.org/newceo

The frenzy inside BofA right now isn't new. It's part of the same failed leadership and poor decision making that drove our country into economic turmoil. And it's the exact opposite of what we need in Bank of America's next CEO.

Let's send a clear message to BofA. Stop foreclosing homes. Start lending money again. And no more Ken Lewises: http://action.seiu.org/newceo

Last Friday, we delivered a letter to the Obama administration's pay czar, Kenneth Feinberg, telling him to stop payment on Ken Lewis' outrageous compensation package until Bank of America cleaned up its act. The letter was signed by more than 11,000 of you, demanding a halt to CEO bonuses until banks stopped using our tax dollars to lobby against financial reform.

Today, the pay czar announced that he is taking action on Ken Lewis' outrageous compensation, asking for a stop to any salary or bonuses for 2009:

In fact, Mr. Lewis will have to repay the North Carolina-based bank more than $1 million in salary he has already earned.

The move was demanded by Kenneth Feinberg, the U.S. Treasury Department's special master for compensation, and was agreed to by Mr. Lewis and the bank. Mr. Feinberg's rationale is based largely on the fact that Mr. Lewis will leave the firm with a package of retirement benefits and other stock awards worth between $69.3 million and $120 million, these people said.

Clearly, Ken Lewis is not going to walk away a poor man. He's still going to take home more than you or I will ever make in a lifetime. But, after thousands of us demanded action, the pay czar is using his power to clamp down on Bank of America's out of control payouts.

It's a start. The problem is, every other headline in today's Wall Street Journal is about soaring profits and record bonuses for America's big banks. For them, the party's just getting started.

For us, the picture is much more bleak. You don't need a newspaper to figure that out. In every community, foreclosures continue to rise, families are declaring bankruptcy, and banks are blocking any attempts to fix the problem.

Today's announcement makes me feel good about our power to make a difference. Let's take the next step and tell banks we're not going to let them get away with this.

Click here to demand a meeting with the banks next weekend in Chicago.

Last week, we sent a letter to the Obama pay czar, signed by over 11,000 taxpayers. We told him to stop payment on Ken Lewis' $53.3 million bailout. But it's not just Ken Lewis getting rich with our money.

The papers are all leading today with headlines about America's banks on track to earn record profits and pay out record amounts of bonuses to their top brass. America is still reeling from the financial crisis, but it's business as usual on Wall Street.

Next weekend, thousands of taxpayers are going to confront big banks and hold them accountable to us - will you demand they meet with us? http://action.seiu.org/abachicago

The arrogance of these banks is unbelievable. They took trillions of our hard-earned tax dollars through bailouts. And now they're playing with it like it's Monopoly money; paying out huge bonuses and lobbying against financial reform.

Since the beginning of 2009, JPMorgan Chase has already paid out $21.8 billion in bonuses. That's a new record. Bank of America's compensation payouts are expected to hit $30 billion - up 64% from last year.

We're going to Chicago to confront the bankers at their annual conference on October 25-27th and we need every taxpayer supporting us. Click here to demand a meeting with the big banks: http://action.seiu.org/abachicago

There's no disputing it: these CEOs didn't learn their lesson from the financial crisis they caused. I guess we're going to have to teach it to them. Click here to stand with taxpayers and against big bank greed: http://action.seiu.org/abachicago

It's been a little over a day since we invited people to sign on to Anna Burger's letter to the Obama pay czar, asking him to stop payment on Ken Lewis' bailout until Bank of America agrees to clean up its act. Already, more than 10,000 taxpayers have signed the letter, demanding accountability from America's bailed out banks.

Thanks to the overwhelming response from all of you, pay czar Kenneth Feinberg is going to get the message loud and clear - even before we deliver the letter. News outlets from Reuters, to the Consumerist, to the Huffington Post are reporting on our action; and Feinberg is expected to make an official ruling on Ken Lewis' compensation before the end of this month.

Ken Lewis may be the poster boy for big bank greed, but he's not alone. We've got to make sure every CEO and every financial institution that takes our tax dollars is held accountable for their actions. It's as simple as that.

The Onion, America's Finest News Source, has nicely summed up the various mistakes that caused Ken Lewis to step down as CEO of Bank of America. Some of the highlights include:

• Mailed out millions of checks that incorrectly read "Bank of Armenia"
• Bank of America cash registers consistently $10 short on his shift
• Worldwide economic collapse

It's pretty funny. But it would be easier to laugh if 1. Lewis' actions hadn't hurt so many Americans and 2. Ken Lewis wasn't collecting a $126 million payout on the way out the door - despite his horrible performance as CEO.

If you haven't already, you can sign Anna Burger's letter to the Obama administration's pay czar and tell him to stop payment on Ken Lewis' bailout until Bank of America cleans up its act: http://seiu.org/stoppayment.

Ken Lewis is on his way out at Bank of America. But not without one more parting gift from all of us.

Despite helping to drive us into one of the worst financial meltdowns in history, it's been revealed that Bank of America plans to send Ken Lewis out the door with a $53.3 million pension on top of the hundreds of millions he's already made during his failed tenure as CEO.

We're the ones paying billions in tax dollars to bail out Bank of America for the mistakes Ken Lewis made. We shouldn't let him take one more penny of our hard-earned money.

The Obama administration has appointed a 'pay czar,' Kenneth Feinberg, to make sure our tax dollars aren't being used to pay outrageous earnings to bank CEOs.

Will you tell the pay czar to stop payment on the Ken Lewis bailout? http://seiu.org/stoppayment

SEIU Secretary Treasurer Anna Burger will be delivering a letter to Mr. Feinberg, asking him to withhold Lewis' absurd compensation until Bank of America agrees to stop hurting our communities with reckless financial practices. But we want you, as a taxpayer, to sign on to the letter before we deliver it to Mr. Feinberg: http://seiu.org/stoppayment

The changes we're asking for are simple - and they're necessary to stop greedy banks from driving us toward another financial meltdown. Help make sure Ken Lewis doesn't get another dime of our money until Bank of America cleans up its act.

Sign on to Anna Burger's letter at http://seiu.org/stoppayment

P.S. It's not just Ken Lewis. CEOs at all the major banks are continuing to rake in millions, but they've done nothing to fix the problems that got us into this mess. Help us put them all on notice by signing the letter to pay czar Kenneth Feinberg.

Yesterday, Americans were given one more reason to look forward to ringing in the New Year: Bank of America CEO Ken Lewis announced he will be be stepping down from the bank, effective Jan. 1, 2010.

As a part of the Take Back the Economy coalition, SEIU and partners have been calling (loudly and persistently) for Lewis' ouster for several months. Throughout the economic crisis, Lewis has been a virtual poster boy for a financial industry fueled by reckless and self-serving lending practices, platinum bonuses, and a disregard for workers and our economy.

BofA received access for up to $195 billion in taxpayer bailout funds--and the workers, consumers and taxpayers footing the bill for Ken Lewis' failed gamble finally decided to stand up and demand change, with SEIU leading the charge. "Bank of America CEO Ken Lewis just doesn't get it," we wrote in an e-mailto supporters at the time. "The era of greed and irresponsibility is over...Enough is enough. Bank of America must fire CEO Ken Lewis."

Through a grassroots and online-driven campaign, over 100 events were held across the nation against Bank of America and more than 90,000 taxpayer proxy cards were collected & delivered at BofA's annual shareholder meeting, calling for the firing of Lewis for his corporate greed, corruption and anti-worker company policies. In addition to the ouster, SEIU demanded that two new BofA board seats be created. We called for all bonuses for execs be eliminated until taxpayers were paid back the money the bank received under TARP and demanded stronger whistleblower protections for any workers who report abusive lending or banking practices. Finally, we called for Bank of America to provide healthcare coverage to all of its 247,000 workers-- which it currently does not.

As a result of the organized campaign from union members and thousands of supportive activists, Lewis was ousted as chairman following the April 2009 annual BofA shareholders meeting (re-live that celebratory moment here). Even though Lewis stayed on as BofA CEO until his announcement yesterday, his ousting as chairman sent a message calling for CEO accountability loud and clear.

Even as the end of Lewis's profit-driven rein as CEO of BofA is finally in sight, we're not planning on letting up on our efforts to bring change to the banking industry--not even close. As SEIU's Anna Burger points out, "The Ken Lewis banking model continues drive up big bank profits while causing millions of Americans to lose their jobs, their homes, and their retirement savings." We've had enough of an economy that works only for greedy CEOs like Ken Lewis--and on that note, we thought we'd celebrate Lewis's ousting by taking a detailed record of his failed leadership. Like the saying goes, those who cannot learn from history are doomed to repeat it.

No. (That answer came pretty easily to us!)

On Thursday, bailed out banks like Bank of America--which have not paid back their billions in taxpayer-funded bailouts--had to submit proposals for executive pay and bonuses to Obama's pay czar, Kenneth Feinberg. Feinberg said yesterday that he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid...."I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance," said Feinberg.

As Obama's pay czar is weighing how and whether to use that power, we're hoping he takes into account the laundry list of reasons why Bank of America CEO Ken Lewis and other top banking executives don't deserve bonuses this year. We've laid out our "Top Ten" here.

#1: Bank of America has received nearly $200 billion in taxpayer bailouts and backstops.
As long as Bank of America is reliant on billions of taxpayer bailout funds, they should not be allowed to pay out bonuses to top executives while millions of Americans continue to lose their homes, jobs, and retirement savings.

Read all ten (after the jump).

On Monday, the SEC slapped Bank of America with a $33 million fine for misleading investors on plans to award multi-billion dollar bonuses to Merrill Lynch executives during BofA's purchase of the failed bank. In case people are keeping track...this fine is less than one percent of the $3.6 billion in bonuses paid out. SEC officials say this is the largest penalty ever imposed for a failure to disclose relevant information in connection with shareholder votes.

Bank of America has agreed to settle, without admitting to the charges. The bank also has yet to pay back $45 billion in bailout funds of taxpayer money. "This is further proof that bank executives will do anything to pay themselves bonuses and stick it to taxpayers, shareholders and workers," said SEIU's Stephen Lerner in USA Today .

Wouldn't it be nice if all of us could solve our problems the BofA-way?

As part of their "Morris on Campus,™ Life According to an Upperclassman™" campaign to "educate and empower students to take control of their finances," Bank of America sponsored a survey last summer that found 38 percent of surveyed college-aged students reporting they could use help in managing their money. Four in ten (42 percent) students reported to overdrawing their checking account.

The irony here is almost too much to bear...Bank of America knows a thing or two about spending money they don't have. It's suffice to say that these students (like BofA's promotions poster child Morris) would probably be thrilled to be granted the same pardons as BofA. Imagine what that scenario would look like if we all lived under the same skewed logic BofA decision makers seem to be adhering to..."I owed thousands and thousands in student loans but walked away after earning my college diploma owing just 1 percent!" The same goes for the millions of people who owe money to their credit card companies. Or their health insurance companies.

Christmas come early? News reports today suggest that this latest failure by Bank of America could be setting the stage for CEO Ken Lewis's departure. In spite of all the hurt they've heaped onto our economy, there's really been no holding banks accountable for their shortsighted practices and failing to live up to their responsibilities to taxpayers who bailed them out in the first place. Kicking Ken Lewis to the curb would be a good start.

Paul Begala has an incredibly powerful and persuasive op-ed in Politico today making the case for the Employee Free Choice Act. After introducing nightmare hypothetical scenarios of workers getting fired for trying to organize, Begala pulls back the curtain and reveals the stories are about real workers who were fighting for better jobs.

All of these stories are absolutely true. The stories of Trish Miechur, the CNA, and Corey Kresse, the metalworker, are replicated in boardrooms and factories across America. The story of Ken Lewis, Bank of America's CEO? Well, that's a familiar one, too. So here's the question: Why are their experiences so different? Whom do we want our economic policies to benefit?

For eight years under the GOP, economic policy gave CEOs such as Ken Lewis the gold mine, while giving hardworking, middle-class Americans such as Trish and Corey the shaft. President Barack Obama and the Democratic Congress were elected to change that, and protecting employees from corporate abuses is part of the change we need. That's what the Employee Free Choice Act will do.

Corporate lobbyists say the phrase "Employee Free Choice Act" as though it were a curse. But for Trish and Corey, it's a blessing. The point of the Employee Free Choice Act is to say that we've had enough of an economy that works for Ken Lewis -- and Bernie Madoff, for that matter. We want an economy that works for Trish Miechur and Corey Kresse.

The Employee Free Choice Act gives workers an opportunity to bargain with their employers for better job security, wages and health care at a time of astounding corporate greed. The legislation has three main parts: 1) It says that when a majority of workers want to form a union, a real path is provided for them to do so -- a path chosen by workers, not corporate special interests; 2) it penalizes employers who try to fire or harass workers for attempting to form a union; and 3) it says that once workers have voted for a union, employers have to come to agreement with workers on a contract. Simple stuff, right?

So why are corporate interests squealing like a pig stuck under a gate? Maybe because they're the only ones who prospered under the Bush-Lewis-Madoff policies.

As of now, it's unclear when the Employee Free Choice Act will be given a vote in Congress. Recent press stories, based largely around anonymous comments from Democratic aides, has suggested that it is unlikely the bill will get a vote any time soon--and especially not prior to the completion of healthcare reform.

But legislative delays don't diminish the moral and economic imperative for sweeping labor reform and as a result, we must continue to call on Congress to pass the Employee Free Choice Act with majority sign-up. As Begala notes, this popular piece of legislation will get America's economy moving again, so we have no time to lose.

Financial website Seeking Alpha's instablogger Jim Van Meerton poses an open question: what to do with Bank of America's CEO Ken Lewis? Van Meerton writes:

I've really tried to pay attention to this whole Ken Lewis - Bank of America saga. I'm really more confused then ever. I'm not sure what to believe and need your help. Please give me your opinions.

Head over to his blog and leave a comment. We did. Here's what we wrote:

It's up for debate for what to do with Ken Lewis. Authorities can arrest Ken Lewis. Stockholders can sue him. Directors can fire him. He took one of the nation's leading banks and ran it into the ground. He made risky bets with others' money and stuck taxpayers with the tab when his bets went sour.

But Ken Lewis's sins are just symptoms of a wider pandemic within the financial sector--greed. Wall Street's compensation structures reward excessive risk-taking, up and down the corporate ladder. Bank of America workers report that their pay is dependent on how much debt they can push onto consumers, regardless of a customer's ability to pay it back. They are afraid to speak out against these predatory policies.

We need to turn the Wall Street compensation structure on its head. Bank employees should be rewarded for promoting the safety and soundness of the economy and helping Americans accumulate wealth, not for greed. They should have the protections they need to come forth and speak out when they see their institutions putting short-term profits before the stability of the financial system.

Ken Lewis can be arrested, sued, and fired for his greedy and excessively risky business practices. But unless we get meaningful financial reform, the next Ken Lewis will be free to make the same disastrous mistakes all over again and the saga will continue.

So, what do you think?

There are two storylines that Bank of America has been pushing about its decision to go through with the Merrill Lynch acquisition, even after it became clear that Merrill was facing billions in losses. The first paints Bank of America as a martyr that decided to bite the bullet and go through with the deal in order to save the broader economy from collapse. The second is that BofA was forced into a shotgun wedding by federal regulators. But recently released emails from Federal Reserve officials raise questions about both of these stories.

As for the notion that BofA returned to the taxpayer trough for a second serving of bailout funds in order to save Merrill and prevent a larger financial catastrophe... According to the Washington Post, the Fed's internal emails show that "the government did not just move to rescue the Merrill Lynch acquisition -- officials also needed to rescue Bank of America," whose "own health still was in a downward spiral. Regulators calculated more than half the decline in Bank of America's capital reserves was the result of internal problems..."

Far from being Merrill's heroic savior, these events raise the question: Did BofA use Merrill as a crutch to garner public sympathy for another taxpayer handout? Or perhaps something even more cynical. The Washington Post reports that when BofA CEO Ken Lewis testified before a Congressional committee on June 11th, "Democrats pressed Lewis to acknowledge he had threatened to leave a major investment bank to a grim fate as a gambit to get public money" (more on that below).

Which brings us back to that second storyline -- the shotgun wedding.

Yesterday the U.S. Chamber of Commerce saw fit to stand up for Bank of America's disgraced ex-Chairman and current CEO Ken Lewis. Lewis testified to the House Oversight Committee about the bank's purchase and subsequent bleeding of Merrill Lynch.

It's no secret that Ken Lewis set his sights on expanding Bank of America's reach as far as it can go - BofA bought Merrill Lynch despite the firm losing $35 billion in the previous two years. The House committee held the hearing to investigate the acquisition, which allegedly led to Bank of America needing another $20 billion bailout at the end of 2008.

So despite the obvious public image problems of Bank of America, and Ken Lewis's feet being halfway out the door of BofA, the U.S. Chamber of Commerce decided to stick up for both Lewis and BofA. The Chamber writes:

Exploring the facts should shed light on the actions of all parties at a critical juncture in the history of our capital markets, and demonstrate that despite circumstances regarding the deal's execution, had BofA not purchased Merrill Lynch, instability in the financial system at the time could have been far worse.

Ah yes. "Circumstances regarding the deal's execution." That's probably Chamber-speak for "failing to disclose $12 billion in loses." You know, no biggie. That's chump change over at the Chamber.

This isn't the first time the U.S. Chamber has stuck up for its buddies at Bank of America. At the end of last year, while the economy collapsed and BofA took on its first $25 billion bailout, the U.S. Chamber saw fit to honor Bank of America with its "2008 Corporate Citizenship Award." Because nothing says "Corporate Citizenship" like milking taxpayers for unprecedented billions.

Of course, there's also the little matter of failing to say whether or not the U.S. Chamber is using Bank of America's bailout money to fight working families. Politico reports:

Adam Green over at OpenLeft pushes the Chamber of Commerce to say that they're still accepting dues from bailed-out companies.

The goal is to make the case that the Chamber is using taxpayer dollars to help fund their anti-EFCA campaign (of which they have launched new ads targeting moderate Democratic senators).

The Chamber's Brad Peck says they're not using bail-out money for the campaign.

I've asked how exactly they know that to be the case.

Crickets from the Chamber since then.

So, U.S. Chamber of Commerce: are you using Bank of America's bailout, or any other bailout for that matter, to fund the fight for your legislative priorities?

We'll wait patiently for a response. In the meantime, we'll keep up the fight to hold Bank of America - and the U.S. Chamber - accountable to the American taxpayers.

Ahead of Bank of America CEO Ken Lewis' testimony before the House Committee on Oversight and Government Reform, we put together the top ten questions that employees, consumers, taxpayers and shareholders would like reporters and legislators to ask Ken Lewis.

"SEIU hopes members of the Committee are as tough on Ken Lewis as we would be if we could get him under oath and the bright lights," said SEIU Secretary-Treasurer Anna Burger.

Here are the top 10 questions to ask Bank of America CEO Ken Lewis:

1. How can you commit to pay for former Countrywide CEO Angelo Mozilo's legal defense--"a million a month" according to Bloomberg--while Bank of America announced layoffs for 35,000 employees and refuses cost-of-living raises for its lowest-wage workers?


2. Why do you nickel and dime your lowest paid workers (tellers earn $10.50/hour without access to affordable health insurance) at the same time you shower lavish perks and deals for executives and traders?


3. As Bank of America employees speak out about unpaid overtime and a predatory sales culture, what do you plan to do to improve employment practices?


4. 4. Given dismal economic performance, low-staff morale, and a core business model of pushing debt on consumers, what has Bank of America done to meet its stated goal of being "the world's most admired company?"


5. After reportedly receiving tax breaks, and more than $195 billion in bailouts, government guarantees, and taxpayer-funded healthcare for its workers, what is Bank of America's plan to reduce its dependence on the U.S. taxpayer?


6. After being bailed out by hard-working taxpayers facing the toughest economic times since the Great Depression, do you think it's right for Bank of America to lobby against laws that would helps working families--like the Employee Free Choice Act, healthcare reform, and credit card reform?


7. As you argue against any laws that would create greater transparency in the industry, could you tell us what other calamities on your books you are hiding? First it was the Merrill Lynch deal--what's the next shoe to drop?


8. During your time as CEO, at what point did cutting costs and gouging customers with unnecessary products and skyrocketing fees become more important than customer satisfaction?


9. At a time when people are struggling, have you considered lowering banking and overdraft fees that are already higher than many other non-bailed-out banks?


10. Why do you create incentives for Bank of America employees to push further debt on customers?

"Ken Lewis was at the center of Bank of America's disastrous 'bigger at any cost' model of banking," said SEIU Secretary Treasurer Anna Burger. "Today, as Bank of America stock prices have dropped by more 90 percent and after the bank received access for up to $195 billion in taxpayer bailout funds, workers, consumers and taxpayers are footing the bill for Ken Lewis' failed gamble."

"Now, Bank of America workers have started speaking out and demanding change. Enough is enough. It's time for Bank of America and Ken Lewis to do what's right and spell out steps to become a partner for America's families instead of a toxic asset."

Tomorrow, Bank of America CEO Ken Lewis will face tough questioning in his testimony before the House Committee on Oversight and Government Reform at 10:00 a.m.

He'll be asked about his role in the acquisition of Merrill Lynch, the excessive bonuses paid to Merrill executives and the billions that taxpayers have provided to bail out the country from the deep losses and economic damage Bank of America's decisions caused. This will be Lewis' first trip to Capitol Hill since Bank of America failed the federal government's stress tests and a coalition led by SEIU delivered nearly 100,000 "Taxpayer Proxies" demanding that the Bank fire Ken Lewis.

Tomorrow, will Ken Lewis....

a) Apologize for his bank's role in bringing down the economy?
b) Commit to transparency and real financial reform?
c) Commit to ending consumer abuses like exorbitant overdraft fees, predatory financial practices, and the bank's irresponsible lending and acquisitions?
d) Commit to providing affordable healthcare for all employees?
e) Stop lobbying against solutions--such as banking reform and pro-worker legislation like the Employee Free Choice Act--that would give bank workers a voice on the job, protect consumers, end corporate excess, and finally build an economy that works for everyone?

We'll hopefully find out the answers to these questions after tomorrow's testimony. In the meantime, let us know your thoughts---do you think Ken Lewis will do the right thing in in his testimony and commit himself/Bank of America to being a partner (instead of a toxic asset) in rebuilding our economy?

If you're an employee of Bank of America, here's an opportunity for you.

The following email went to BofA employees who want to ask CEO Ken Lewis a question in Congress tomorrow:

If you're like us, you probably have a few questions to ask of Bank of America's CEO, Ken Lewis. Now, we have the chance to get them answered.

This Thursday, Ken Lewis will be in front of Congress to answer questions about Bank of America's business practices. As employees of Bank of America, you have a unique perspective of what's happening in the company.

So that's why we want your questions - submit what you'd ask, and we'll give them to Members of Congress to ask Ken Lewis.

Send us your questions for Lewis here: http://letstalkbanks.com/ask/

As the largest shareholders of the company, as taxpayers, and as customers and employees of the bank, it's important that Ken Lewis answers our concerns during the hearing.

There'll be no shortage of issues for the committee to discuss, and your questions won't be limited to just one topic. What do you want to ask Ken Lewis?

Submit your questions here: http://letstalkbanks.com/ask/

Tomorrow, after collecting your questions, we'll submit all of them to the committee for consideration.

The Wall Street Journal reported last week that the feds are pressuring Bank of America to bring in directors that have more banking experience. What a novel idea! The folks in charge of overseeing the nation's largest bank should actually have some experience working with...banks. Sadly even BofA's new Chairman, Walter Massey, comes up short when it comes to banking experience.

In order to have real change at BofA, we need directors who are going to be more than just rubber stamps for CEO Ken Lewis's failed policies. Earlier this month, the Wall Street Journal reported, "Mr. Massey also said there will be no change in the bank's overall strategy. 'Our model is not broken,' he said." Well, if it ain't broken, it's sure got some 200 billion cracks in it.

Four BofA directors, including Massey, have served on the bank's board for more than 10 years. According to corporate governance expert Bob Monks of Institutional Shareholder Services (ISS), "It's impossible to be an independent director after more than 10 years," because it becomes harder to critically evaluate the company after that much time. This is even more so the case when the directors or their companies get $624 million worth of insider loans from BofA while the rest of us are have to turn to Fat Tony because the banks have stopped lending.

New directors who know what they are doing and are committed to reforming the bank's broken policies--now that would be change you can believe in. Click here to send a letter to Walter Massey to demand real change at Bank of America.

Last week, Bank of America's CEO, Ken Lewis, was ousted by the company's shareholders from his position as chairman of the board. At the same time, nearly 100,000 of you signed "taxpayer proxy cards" calling for Lewis' removal as CEO.

The outcome of the shareholder meeting was a positive first step towards reform, but there's plenty more for the new Bank of America chairman, Dr. Walter Massey, to take care of.

This morning, SEIU's Secretary-Treasurer, Anna Burger, sent out an email to many of you, asking you to add your name to a letter that she's sending to Dr. Massey, outlining five key principles of reform:

1. Reject the failed banking policies of the past by firing CEO Ken Lewis
2. Commit to real financial reform
3. Stop consumer abuses and predatory lending practices that hurt communities
4. Provide bank workers access to affordable healthcare
5. Stop lobbying against pro-worker legislation like the Employee Free Choice Act to ensure bank workers have a voice on the job to protect consumers.

Add your name to the letter by clicking here.

Here's a copy of the letter:Letter to Chairman Massey

This week saw exciting progress in the fight for fairness with Bank of America. All across New Hampshire, Change that Works volunteers and New Hampshire citizens gathered to let Bank of America know that we are tired of their corporate excesses. Outside Bank of America locations in Manchester, Exeter, Hanover, and Nashua, protesters clamored loudly for a change--and the board of directors listened.

Said Judy Ullman of Portsmouth, to Seacoastonline.com, the responsibility is now on everyone to act as "good citizens": "It's not okay to simply do what you want anymore...Economic security will not happen if banks don't change the way they operate."

Thanks to the efforts of volunteers in New Hampshire, and taxpayers all across the country, thousands of "taxpayer proxy" cards were signed calling for a change in Bank of America. This week, your voices were heard. Even though Ken Lewis is still CEO, he is no longer Chairman of Bank of America. Now it is time to keep up the pressure on big business, and the new Chairman of Bank of America. No matter how daunting the task, change can happen. A little at a time, we are being heard.

See more pictures from the protest :here