Jamesb101.com

commentary on Politics and a little bit of everything else

Kenneth D. Lewis, the CEO of the Bank of America, will take early retirement….

After riding thru a very rough period for the bank and its acquisitions…Kenneth D. Lews, the CEO of the United States largest bank, largest retain brokerage, largest credit card holder and largest mortgage holder…..Bank of America is leaving (joining other Wall Street CEO’s gone)…..he will receive pension benefits worth $53.2 million, and other compensation (including stock trading at a low of $16 vs a high of $54 in 2006) worth almost  $81 million…….

I posted earlier that Lewis got a whole lot of people mad at him for buying Merrill Lynch during crunch time last year after he found out the company was just about worthless…his defense was that Paulson and Bermenke forced him to do it….but neither forced him to allocate almost $5 billion in salaries for employees after borrowing billions of dollars from the government to prop up the Bank after the merger ……. something any reasonable person would not do, fearing that the government and stockholders would be pissed …..

And they still are………

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October 1, 2009 - Posted by | Politics, The Economy | , , , , , , ,

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