Czar Blocks Bank Of America Chief's Pay

[SpartanDem]

Source: Huffinton Post

NEW YORK — Bank of America Corp.'s outgoing CEO, Ken Lewis, will get no salary or bonus for 2009 under an agreement with the government pay czar, who is scrutinizing compensation at bailed-out banks.

Kenneth Feinberg, the U.S. Treasury Department's special master for compensation, suggested that Lewis should get no pay for the year and Lewis agreed, Bank of America spokesman Robert Stickler said Thursday.

In fact, Lewis will pay back about $1 million he has received so far out of a $1.5 million annual salary.

"He will write a check to the company," Stickler said.

The bank spokesman also added that Lewis agreed to the proposal because he felt it was not in the bank's best interest "to get into a dispute with the paymaster."





Read more: http://www.huffingtonpost.com/2009/10/15/czar-blocks-ba...

[DJ13]

1. Mr. Lewis..... still stands to collect a $53.2 million pension

Two weeks after abruptly announcing his resignation, Mr. Lewis promised to return the pay he received this year to avoid a confrontation with Kenneth R. Feinberg, the Obama administration’s overseer of executive compensation. Mr. Lewis, who plans to retire on Dec. 31, still stands to collect a $53.2 million pension, which will fall under Mr. Feinberg’s purview.

http://www.nytimes.com/2009/10/16/business/16lewis.html...
Lewis Won’t Get Salary and Bonus at Bank of America - NYTimes.com

[undergroundpanther]

2. Make him give back the 53.2 million pension.

Fucking pig. A year's salary and a million is chump change for a pig like him.

[hmorehead]

3. Yippee shit. He gives back a mil and AIG steals 30 billion.

[bertman]

4. A symbolic, but good start toward bringing the dogs of greed to heel. Now it will be up

to the Congress and President to teach them how to sit, lie down, and stay. Now that they have learned the "beg" trick.

[alittlelark]

5. Pretty icing on a SHITCAKE of $50 million or so in comp.

The AMERICAN people should take a bite out of that cake - A Really BIG One.

A MEANINGFUL one.

He F'ed us over - we eat the (shit)cake - he gets NOTHING.

No Bonus
No Stocks
No Pension....
.....
........
.....


NO GOLDEN PARACHUTE for FAILED EXECUTIVES!!!!!!!!!!!!!

[99 Percent Sure]

6. Right, that'll teach him. **Rolls Eyes** Our government in action.

After giving away trillions to Wall Street and the banks, they're going to take what amounts to pennies from naughty boy Lewis, and he still gets to keep a pension in the tens of millions of dollars.

SMH. God help us.

[JDPriestly]

7. This is at best symbolic. But it symbolizes the awareness of someone

associated with the Obama administration that catering to the too big to fail banks cannot continue without a lot of political harm to the administration.