From the" Pay Back the TARP Right Now" File: The Government "Suggests" Bank of America Change their Board Members

It must suck to be Bank of America since the White House gets a chance to bully them simply because they hold TARP money on their books.

The Journal said regulators including the Federal Reserve and the Office of the Comptroller of the Currency had previously signaled to the bank's leadership that changes in the board would be well received by the federal government, the Journal report said.

In other words do not change that preferred shares into common shares for any reason or the shareholders lose control of the board. I think the White House should remember that the common shareholders vote for the board and not the them. All the company can do is put up a slate of candidates and the shareholder can vote on them. Anything else would be illegal.