Houston investment firm Finger Interests Ltd., which is being operated by Jerry Finger and his son Jon Finger, is forbidding their fellow shareholders to vote for the re-election of Chad Gifford to Bank of America's board. Gifford had failed to protect shareholders by approving the bank's purchase of Merrill Lynch.

Finger Interests said, "Rather than exercise judgment and show leadership, Mr. Gifford chose to remain silent in the face of his duty to protect shareholders".

The assault on Gifford could weaken a close friend of BofA CEO Brian Moynihan, who took the charge in the beginning of this year.

The shareholders are also being requested by the Fingers to vote against a proposal to increase the number of authorized shares for a second time this year, to 12.8 billion from 11.3 billion.

In order to ease the repayment of the Government's $45 billion investment in the bank under the federal Troubled Asset Relief Program, shareholders approved an increase in the number of authorized shares in February.

Finger Interests shared that it was disappointed in the early repayment of the TARP money. It was not satisfied with the bank's decision to appoint insider Moynihan as CEO.

Finger Interests said, "The board of directors was misdirected in its loyalties and priorities, and failed to protect the interests of shareholders".