Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-15-2009, 08:18 PM
 
Location: Near the water
8,237 posts, read 13,481,788 times
Reputation: 3899

Advertisements

this is great news!

By STEVENSON JACOBS and VINNEE TONG, AP Business Writers Stevenson Jacobs And Vinnee Tong, Ap Business Writers – 2 hrs 40 mins ago




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."
Wall Street has been eagerly awaiting Feinberg's decisions about pay for 75 of the highest-earning executives at seven firms that got the most taxpayer money. Other companies under Feinberg's scrutiny include American International Group Inc., General Motors, Chrysler and Chrysler Financial.
Treasury spokesman Andrew Williams declined to comment on Lewis' compensation, saying only that Feinberg would seek to "strike the right balance" in setting pay for top executives of firms that received significant government help.
Lewis, who is 62, hastily announced last month that he will step down as CEO by Dec. 31, which will cap off a tumultuous year when BofA has faced accusations it misled shareholders about its acquisition of the investment bank Merrill Lynch & Co.
BofA had no successor in place, leading many to think that his quick exit had surprised the board. It said a replacement would be chosen before Lewis leaves.
The Merrill deal is being investigated by both the Securities and Exchange Commission and New York Attorney General Andrew Cuomo.
Cuomo's office is trying to determine whether BofA misled shareholders about $3.6 billion in bonuses paid to Merrill employees and the investment bank's mortgage lending losses, as well as whether BofA failed to tell shareholders that it considered backing out of the deal before it closed on Jan. 1.
Lewis was first hired as a credit analyst in 1969 at North Carolina National Bank, in Charlotte, N.C. That bank was a predecessor of NationsBank and later Bank of America. He moved through various positions until he was named CEO of Bank of America in April 2001. He was stripped of the chairman title earlier this year.



link:
BofA's Ken Lewis to get no '09 salary, bonus - Yahoo! News (http://news.yahoo.com/s/ap/20091015/ap_on_bi_ge/us_bank_of_america_ceo_pay - broken link)
Reply With Quote Quick reply to this message

 
Old 10-15-2009, 08:30 PM
 
9,855 posts, read 10,396,888 times
Reputation: 2881
Quote:
Originally Posted by Chromekitty View Post
this is great news!

By STEVENSON JACOBS and VINNEE TONG, AP Business Writers Stevenson Jacobs And Vinnee Tong, Ap Business Writers – 2 hrs 40 mins ago




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."
Wall Street has been eagerly awaiting Feinberg's decisions about pay for 75 of the highest-earning executives at seven firms that got the most taxpayer money. Other companies under Feinberg's scrutiny include American International Group Inc., General Motors, Chrysler and Chrysler Financial.
Treasury spokesman Andrew Williams declined to comment on Lewis' compensation, saying only that Feinberg would seek to "strike the right balance" in setting pay for top executives of firms that received significant government help.
Lewis, who is 62, hastily announced last month that he will step down as CEO by Dec. 31, which will cap off a tumultuous year when BofA has faced accusations it misled shareholders about its acquisition of the investment bank Merrill Lynch & Co.
BofA had no successor in place, leading many to think that his quick exit had surprised the board. It said a replacement would be chosen before Lewis leaves.
The Merrill deal is being investigated by both the Securities and Exchange Commission and New York Attorney General Andrew Cuomo.
Cuomo's office is trying to determine whether BofA misled shareholders about $3.6 billion in bonuses paid to Merrill employees and the investment bank's mortgage lending losses, as well as whether BofA failed to tell shareholders that it considered backing out of the deal before it closed on Jan. 1.
Lewis was first hired as a credit analyst in 1969 at North Carolina National Bank, in Charlotte, N.C. That bank was a predecessor of NationsBank and later Bank of America. He moved through various positions until he was named CEO of Bank of America in April 2001. He was stripped of the chairman title earlier this year.



link:
BofA's Ken Lewis to get no '09 salary, bonus - Yahoo! News (http://news.yahoo.com/s/ap/20091015/ap_on_bi_ge/us_bank_of_america_ceo_pay - broken link)
Sounds like a plea bargain. If Ken Lewis is guilty of a crime, the pay czar needs to ask for a criminal investigation.
Reply With Quote Quick reply to this message
 
Old 10-15-2009, 08:39 PM
 
Location: Near the water
8,237 posts, read 13,481,788 times
Reputation: 3899
Quote:
Originally Posted by pommysmommy View Post
Sounds like a plea bargain. If Ken Lewis is guilty of a crime, the pay czar needs to ask for a criminal investigation.


not been watching the news or reading about it I take it?
Reply With Quote Quick reply to this message
 
Old 10-15-2009, 10:37 PM
 
9,855 posts, read 10,396,888 times
Reputation: 2881
Quote:
Originally Posted by Chromekitty View Post
not been watching the news or reading about it I take it?
You missed my point. The pay czar should not be making any arrangements with Ken Lewis given the fact that he is likely guilty of crimes. Charge him, try him in a court of law and then let him make restitution. Don't try to arrange restituition outside a court of law.
Reply With Quote Quick reply to this message
 
Old 10-15-2009, 11:42 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,650,996 times
Reputation: 9980
Quote:
Originally Posted by Chromekitty View Post
this is great news!

By STEVENSON JACOBS and VINNEE TONG, AP Business Writers Stevenson Jacobs And Vinnee Tong, Ap Business Writers – 2 hrs 40 mins ago




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."
Wall Street has been eagerly awaiting Feinberg's decisions about pay for 75 of the highest-earning executives at seven firms that got the most taxpayer money. Other companies under Feinberg's scrutiny include American International Group Inc., General Motors, Chrysler and Chrysler Financial.
Treasury spokesman Andrew Williams declined to comment on Lewis' compensation, saying only that Feinberg would seek to "strike the right balance" in setting pay for top executives of firms that received significant government help.
Lewis, who is 62, hastily announced last month that he will step down as CEO by Dec. 31, which will cap off a tumultuous year when BofA has faced accusations it misled shareholders about its acquisition of the investment bank Merrill Lynch & Co.
BofA had no successor in place, leading many to think that his quick exit had surprised the board. It said a replacement would be chosen before Lewis leaves.
The Merrill deal is being investigated by both the Securities and Exchange Commission and New York Attorney General Andrew Cuomo.
Cuomo's office is trying to determine whether BofA misled shareholders about $3.6 billion in bonuses paid to Merrill employees and the investment bank's mortgage lending losses, as well as whether BofA failed to tell shareholders that it considered backing out of the deal before it closed on Jan. 1.
Lewis was first hired as a credit analyst in 1969 at North Carolina National Bank, in Charlotte, N.C. That bank was a predecessor of NationsBank and later Bank of America. He moved through various positions until he was named CEO of Bank of America in April 2001. He was stripped of the chairman title earlier this year.



link:
BofA's Ken Lewis to get no '09 salary, bonus - Yahoo! News (http://news.yahoo.com/s/ap/20091015/ap_on_bi_ge/us_bank_of_america_ceo_pay - broken link)
Is he giving it to me?
Reply With Quote Quick reply to this message
 
Old 10-16-2009, 09:00 AM
 
Location: Near the water
8,237 posts, read 13,481,788 times
Reputation: 3899
Quote:
Originally Posted by pommysmommy View Post
You missed my point. The pay czar should not be making any arrangements with Ken Lewis given the fact that he is likely guilty of crimes. Charge him, try him in a court of law and then let him make restitution. Don't try to arrange restituition outside a court of law.


that money needs to be given back now before it is sitting offshore...this is separate of the investigation and upcoming trial
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads

All times are GMT -6. The time now is 06:13 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top