Proposed legislation to tax 90% of bonuses at companies receiving more than $5 billion in government funds is “unfair,” Bank of America (BAC) CEO Kenneth Lewis said in a memo to employees on Friday. Lewis also said that he has written to members of Congress and the administration to say he is concerned the legislation penalizes associates that were not responsible for creating the financial crisis the U.S. is suffering.
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What Ken Lewis is suggesting by defending the bonus is quite true if, the bonuses are paid to those based on performance of business objectives such as quota etc… however, bonus to execs, is simply egregious.