http://money.cnn.com/2009/10/15/news/companies/bofa_lewis_salary/index.htm I am not a fan of Ken Lewis…but returing what he has made in 2009!!!
It’s surprising that he just bent over and took this - BAC could have fought this if they wanted to. He probably didn’t think the $1.5 million was worth fighting over considering that he’s getting paid $60 - 100 million anyway.
Wouldn’t you return $1 MM to get $69MM? I mean, if they cut your retirment benefits by 10%, you lose $6.9MM, so if keeping your old deal costs you $1MM, I think you jump at the chance to take it.
I read Feinberg’s bio and backstory, apparently he’s a lawyerly d0ucheb@g.
IMHO, this is not about return $1mm and get $70MM for your retirement package. Heck, I even think the original $120K retirement package is not that a big deal considering Ken worked at the company all this time (defer comp and other rewards). However, asking somebody to return what he already made…! WTF!! How far are we going to slide??
What are you going to do about it?
LoL, I am writing a letter to Feinberg and tell him to give up his 2009 income because he is dbag.