Bank of America (BAC) gave his retired Chief Executive Kenneth Lewis, more than $80 million in cash and benefits, according to a securities filing found by the WSJ on Friday.
The filing by the Charlotte, North Carolina-based bank disclosed that Mr. Lewis, who retired last year after four decades at the bank, got 2009 compensation of $4.2 million.
The filing also disclosed that the 62 years old Lewis is eligible for about $57 million in pension benefits ; about $11 million in deferred compensation ; $4.6 million in vested and unvested stock. Lewis also left BofA, whose shareholders lost more than $150 billion in recent years, with a life-insurance policy valued at $10.3 million.
Two other BofA execs also did extremely well, according to the filing. Greg Curl, the company’s former risk officer who lost out to Brian Moynihan in the competition for BofA’s top job, took home $10.5 million and Thomas Montag — the highest-paid executive at the nation’s largest bank by assets in 2009 — raked in nearly 30 million.
Judging by the amount of money these bankers are able to collect, one can not help but notice that when it is about them making profit, they are all for capitalism. When it is about their losses, suddenly socialism sounds like a really cool idea. Frank Glassner, CEO of Veritas Executive Compensation Consultants LLC in San Francisco, said it best. In a phone interview with Bloomberg, Mr. Glossner pointed out — with regard to Bank of America — that “This is another example of pay for attendance rather than pay for performance.”
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