Home > Uncategorized > Bank CEO gets millions

Bank CEO gets millions

$53 million retirement score

This article is about Ken Lewis, the Bank of America’s CEO. Lewis is planning to “step aside” at the end of this year and is looking to collect 53 million in pension benefits.  His resignation is in part due to “shareholder opposition” for many reasons including the fact that he gave billions of shareholder dollars to Merrill when it was going under. While Lewis is going to receive a couple million a year in retirement his investors are “underwater on their investments” now. While the stock is making 50 percent less than it was a year ago.

It seems completely unethical for this man to be getting 53 million dollars in retirement for doing a bad job. Under his management of Bank of America the stocks fell and bad business decisions were made. While people that invested money in his company are losing all they have invested he will be getting over 3 million every year.

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Categories: Uncategorized
  1. rbrow123
    October 8, 2009 at 5:28 pm

    I also agree that it is completely unethical for someone to receive such a large sum of money for doing a bad job. However, I think that the real fault in this case rests with the executives at Bank of America who negotiated this contract when he took the job. But unfortunately this is what capitalism is all about: the rich keep getting richer and the poor keep getting poorer.

    R. Brow

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