Charles Gifford and Thomas May, two old friends and long-time directors at Bank of America (BAC), surely wish they could take back the following email exchange. During a Bank of America board conference call, Gifford typed to May: "Concentrate on the phone!!!'' May responded: "Screw you.'' Gifford emailed back: "Unfortunately it's screw the shareholders."

The exchange surfaced as part of an investigation into Bank of America's purchase of Merrill Lynch, and now both have been summoned to testify into front of a Congressional panel. Where I'm sure they will apologize to no end. The two are also on the committee that will pick the next Bank of America CEO; there is no other search committee under more pressure right now.

So this is an interesting tale of two pals. Gifford is a near Brahmin. May comes from the middle class. But they're joined at the hip when it comes to the Bank of America mess, but both have been tested. They may yet pull this out. I'm sure they will not use email so cavalierly when it comes to important matters again. 

For more:
- here's a Boston Globe article

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