Mayo unloads on BofA over chairman/CEO vote

• "The timing of the meeting (Sept. 22) is hurried in the midst of a sudden change in CFO, without a full year of financials, and without a clean full-year Fed stress test," says CLSA's Mike Mayo. He notes this "special" meeting is off-cycle from the spring annual meeting season when proxies are typically reviewed, thus reducing the degree of attention.
• "Further, the move by the board that unilaterally reversed a prior shareholder vote could taint the industry and arm critics who argue that the industry cannot govern itself."
• Mayo's sentiments aren't surprising or even unusual, but for even better entertainment purposes, they come alongside his annotated version of Bank of America's (BAC -3.9%) proxy.
• Previously: Two big tests on tap for BofA's Moynihan (Aug. 19)