MSN Money: Ken Lewis’ $125 million goodbye
Posted by Jacques on October 3, 2009 | 3 Comments
When Ken Lewis finally leaves Bank of America (BAC) he will get a $125 million goodbye from the financial firm, unless the federal government’s pay czar decides to challenge the package.
Most of the Lewis compensation was set long before the big bank got into trouble and had to take $45 billion in TARP funds, so his employment contract may be sacrosanct. If so, he will get one of the largest severance packages in American corporate history.
According to Reuters, “Lewis’ severance package includes $53.2 million in retirement benefits, mostly from a program frozen years ago, and $72.8 million in accumulated stock and other compensation.”
Apparently this is why Bank of America was given $58 billion in tax payer money! As the average American is finding it harder and harder to make ends meet, the federal government is taking our hard earned money to pay out these CEOs.
I would be very much interested to hearing everyone’s thoughts on the matter.
-Jacques
Comments (3)
contracts aren’t an insult .. but the company did accept bailout money … they never should gotten it … damn keyensians
….не очень…
I found this interesting article at MSN Money. Apparently when the CEO of Bank of America leaves, he will be awarded a $125 million severance package…..
Поздравляю, эта блестящая мысль придется как раз кстати…
I found this interesting article at MSN Money. Apparently when the CEO of Bank of America leaves, he will be awarded a $125 million severance package…..