Hundreds Gather to Protest Bank of America Shareholder's Meeting and the 1%

Category: Companies / May 09, 2012 4:58PM EDT

Hundreds of demonstrators marched outside Bank of America Corp's annual shareholder meeting on Wednesday (May 9) to voice anger over issues ranging from foreclosures, to corporate taxes to financing for the coal industry.

The meeting, held in the bank's headquarters city of Charlotte, North Carolina, has drawn protesters in the past, but the crowd this year was the biggest.

By 1100EDT (1500GMT), the crowd was estimated at 700 to 800, a spokeswoman for Unity, an alliance of groups participating in the protest.

Demonstrators staged a mock boxing match between two fighters, one said to represent the wealthiest 1 percent of Americans and the other representing the other 99 percent. The group coordinating the protests calls itself 99 Percent Power.

Bank of America's shareholders approved the proposed executive pay package. All shareholder proposals failed to pass.

Inspired by the Occupy Wall Street movement, demonstrators have been targeting corporate shareholder meetings this year to keep a spotlight on concerns about economic disparity in the United States. More than 500 demonstrators engulfed Wells Fargo & Co's meeting site in April, resulting in 24 arrests.

A Bank of America spokesman declined to comment on the protests.