BofA CEO: $53 Million Retirement Score

[jayfish]

Source: CNN Money

NEW YORK (Fortune) -- Ken Lewis doesn't have a golden parachute, but he's all set for a comfortable landing -- unlike his long-suffering shareholders.

The Bank of America (BAC, Fortune 500) chief executive officer said Wednesday he'll step aside at year-end after eight years at the helm. Based on the company's most recent proxy statement, he will have $53 million in pension benefits waiting for him when he leaves.

That should give him about $3.5 million a year for the rest of his life -- at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments.

Although the bank swore off employment contracts and eliminated golden parachutes seven years ago, Lewis can thank a pension plan that dates back decades for his rich retirement rewards.

Read more: http://money.cnn.com/2009/10/01/news/newsmakers/lewis.payout.fortune/index.htm

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Disgusting!

Jay

[sharp_stick]

1. The old CEO of my company

was fired because of the findings of an SEC investigation, in which he and at least one other officer were complicit in fraud. The prick walked away with 18 million dollars. I told my boss that I would be happy to walk away from my office for 1/10 that amount.

[closeupready]

2. And the American people just sit back and watch while they pick our pockets.

n/t

[4dsc]

10. I second this emotion

Its amazing how we've become nothing more than sheep watching these people steal millions.

[Plucketeer]

12. There's been what - several generations that....

....don't KNOW anything else??? IF they protest, they protest that it's their politician's fault and that said reps are as crooked as the thieves. They might be Right, but they fail to see that THEY can hold their reps accountable or dismiss them even. They just shrug their shoulders and go back to making the banks richer.

[MrSlayer]

3. I should have become a banker.

It's a license to steal. I'll bet that bastard never did a hard day's work in his life.

[WriteDown]

4. Hard to say...

http://en.wikipedia.org/wiki/Ken_Lewis_(executive)

[Gormy Cuss]

5. He certainly hasn't earned a dime he's been paid at BofA. n/t

[WriteDown]

6. I suspect he'd say something like..

the losses would have been even worse if not for him. Hard to prove that wrong.

[Gormy Cuss]

7. Yeah, that's the standard overcompensated executive's justification for losing years. n/t

[Nostradammit]

14. Jesus Fucking Christ, are there no atrocities you won't defend?

I have never encountered anyone so willing to support criminality and social injustice.

You are forever attempting to gloss over misdeeds and distract from heinous behavior.

:puke:

[WriteDown]

16. You and I....

apparently have different definitions of defense. I would like for you to point out where I defended anything about Ken Lewis in this thread.

[Nostradammit]

18. I would like you to point out where I accused you

of defending Ken Lewis in this thread.

[WriteDown]

19. So your other post has nothing to do with this thread at all?

Seems misplaced then.

[Nostradammit]

20. Uh, no. Just pointing out to those reading along

how insinuation and misdirection can be
used to obfuscate while keeping one's hands "clean."

You know all about that, don't you?

[WriteDown]

21. Once again....

misplaced. If you'd like to point out a post though, please feel free.

[gabby garcia]

17. interestingly..

his Wikipedia page http://en.wikipedia.org/wiki/Ken_Lewis_(executive) was just now updated - see retirement.

[BumRushDaShow]

8. "Ken Lewis doesn't have a golden parachute..."

So then what the hell does the Chicken Noodle Network consider "golden" if $53 million isn't enough? :wtf:

[phasma ex machina]

9. Excellent point.

[aquart]

11. This man is insufficiently taxed.

[Ajaye]

13. Ridiculous

This points to the real problem in this country: Economic injustice.

I'm sorry, but executive compensation is completely out of hand, out of control and contributing to the widening gap between rich and poor. The middle class shrinks and the elite gets smaller, but richer.

I personally do not believe that we will begin to fix the problems in this country until executive compensation is reigned in somehow and taxation rates increase so that wealth cannot be so concentrated in the hands of so few.

There is NOTHING that justifies this "retirement" package. NOTHING. We have become a zero sum game society. The winners take all. You just have to get to that top level, whatever it takes, and then you're set for life, even if you fail. Everyone else, fuck you. Carly Fiorina? A complete disaster, lost money for her company, deployed outrageous tactics during her helm at the top, and yet walked away with a golden parachute. The whole concept of "Golden parachute" is disgusting.

I would say if you are an innovator and an entrepreneur who comes up with a product or service that a lot of people want to buy and you take the risks that come with starting up your own business, then yes, you own the company, you build it up, you get to profit. But for publicly held companies where executives are mere employees, I do not understand why we have evolved into a system where top executives get these ridiculously high compensation packages.

A generation or so ago, a sense of propriety and fairness kept executive compensation in check. Paul Krugman has a good chapter on this in his book Conscience of a Liberal. That has all disappeared into the Galtian mists. An executive in 1960 could get better results and make 400 percent less than an executive today.

I personally am glad that I no longer have any dealings with BOA. I found their consumer practices misleading and predatory, so I canceled my credit cards and I would NEVER open up an account at that bank. I try to patronize local banks and credit unions. That's what we have to do folks, we have to put our money into local communities and starve these beasts.

[TheWatcher]

15. One Of These Days.....

There's no bread, let them eat cake
There's no end to what they'll take
Flaunt the fruits of noble birth
Wash the salt into the earth

But they're marching to Bastille Day
La guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel and let his kingdom rise

Bloodstained velvet, dirty lace
Naked fear on every face
See them bow their heads to die
As we would bow as they rode by

And we're marching to Bastille Day
La guillotine will claim her bloody prize
Sing, oh choirs of cacophony
The king has kneeled, to let his kingdom rise

Lessons taught but never learned
All around us anger burns
Guide the future by the past
Long ago the mould was cast

For they marched up to Bastille Day
La guillotine claimed her bloody prize
Hear the echoes of the centuries
Power isn't all that money buys

-Rush