NYSE Euronext director Ricardo Salgado received 46% of shareholder votes in the final tally of results that prompted his resignation—the first time a director for the Big Board has failed to win majority approval in the annual re-election process.
A week after the Greek Prime Minister, Antonis Samaras, was unable to push through his nominee for president, Stavros Dimas, in a vote in parliament that needed 200 votes to pass, hours ago the second presidential vote took place and just like last week it again failed to secured the needed 200 votes, with just 168 lawmakers voting for the designated appointee.
And just like that the Santa rally is over, if only in Greece where both bonds and stock are tumbling after the third vote for PM Samaras' appointed presidential appointee Stavros Dimas concluded as many had expected: in failure, with 168 Greek lawmakers voting in favor of Dimas, well short of the 180-vote threshold needed. 132 voted against Mr. Dimas. This means that the "worst case" scenario - at least as described by Goldman - is now on deck: a snap general election that could bring the anti-bailout Syriza party to power.
In the Bank of America drama playing out on Wall Street, it's now time to cue the activists.
And who should enter stage left but CtW Investment Group! The union group, which stands for Change to Win, sent a letter to Bank of America's lead director, O. Temple Sloan, demanding that the board fire chairman and CEO Ken Lewis, or else:
Two years ago, when Greece last voted to choose its ruling party not once but twice, the Eurozone ground to a halt in anticipation of a nailbiliting outcome that could have seen the exit of Greece from the Euro and the gradual, at first, collapse of the artificial European political union.
NYSE Euronext (NYX)
Q1 2011 Earnings Call
April 28, 2011 8:00 am ET
Michael Geltzeiler - Chief Financial Officer and Group Executive Vice President
Unknown Speaker -
Jennifer Ginnis -
Jan Hessels - Chairman and Chairman of Nominating & Governance Committee
Ricardo Salgado - Director and Member of Human Resources & Compensation Committee
Unknown Executive -
Moments ago, the Senate was supposed to vote through Debo Adegbile, Obama's nominee for the civil rights division at the Department of Justice and who represented cop killer Mumia Abu-Jamal. It failed, when the Democrats in the Senate couldn't get enough votes to pass a simple majority with 8 Democrats voted against Adegbile: Casey, Coons, Donnelly, Manchin, Walsh, Heitkamp, Pryor. Reid voted no in order to reconsider nom later.
Ricardo Salgado, vice chairman of Portugal's largest bank, is expected to tender his resignation from the NYSE Euronext board, after preliminary results showed he failed to get a majority of shareholder support.