Virginia Hammerness is the grand daughter of the co-founder of Bank of America, Amadeo GIannini. She is a significant shareholder in the company. In February 2009, Hammerness criticized the management of the bank, saying they were "idiots".CBS 5: Bank Of America Heiress Blasts Current Bank Leaders As 'Idiots' (February 24, 2009)
Criticism of BoA
In an interview airing on February 23, 2009 on CBS, Hammerness strongly criticized the management of the bank, calling them "idiots" and said she thinks AP Giannini is "rolling over in his grave." Hammerness especially criticized the decision of the bank to purchase the troubled financial institution Merrill Lynch and that executives at Merill Lynch received huge bonuses after the deal was announced. Giannini gave away millions of dollars and died with an estate of only $500,000. He turned down a bonus of $1.7 million dollar that B of A offered him and said they should use it to help their customers.CBS 5: Bank Of America Heiress Blasts Current Bank Leaders As 'Idiots' (February 24, 2009)
References
Fast Facts
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Giannini formed Bank of Italy in North Beach, San Francisco, in 1904
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Bank eventually became Bank of America
