Ken Lewis as Pay Czar's B*tch
I find it incredibly unbelievable that Ken Lewis would agree to these terms out of the goodness of his heart. I'm not saying he's a terrible guy, I'm saying that Bernaulson got the point across.
I believe this makes the final few ounces of that pound of flesh we were promised. Call me bloodthirsty but I'm not satisfied with seeing Ken Lewis marched out as the poster boy for bad financial behavior. Meanwhile, Lord Blankfein is over at Financial Times throwing around transparency like some kind of plastic pay-by-night hooker at a Goldman rat party (Big Picture has additional thoughts on LB's epic jerk off, among other important GS subjects)
Anyway. Right rage, wrong guy.
Bank of America Corp's departing chief executive, Kenneth Lewis, will receive no pay for 2009, but questions still linger about his $125 million retirement payout.
At U.S. pay czar Kenneth Feinberg's request, Lewis will not receive the $1.5 million salary he was slated to make this year, company spokesman Bob Stickler on Thursday. Lewis will not receive a bonus or any other payments for 2009.
The pay cut comes a day before the bank is to announce its third-quarter earnings. Lewis is retiring by the end of the year as he deals with multiple legal probes into the bank's purchase of Merrill Lynch & Co. late last year
Lewis agreed to give up 2009 pay because he felt "it was not in the best interest of Bank of America for him to get involved in a dispute with the paymaster," Stickler said. Feinberg declined to comment.
But the pay czar may still pressure Bank of America to reduce Lewis' retirement payouts, according to a source familiar with the matter.
Discussions between the company and Feinberg are still in early stages, the source said, speaking anonymously because the negotiations are private.
Stickler declined to comment when asked if there were negotiations over Lewis' retirement payout, which includes a $50 million pension plan frozen early this decade and deferred compensation awarded in prior years. He said the bank was in "ongoing discussions on a variety of topics" with Feinberg.
Listen here, Kenny, JDA hereby declares her full support for your case. In fact, if you need a character witness, I'll see if I can take off for a few days and fly out your way. I'll even cover up my neck tattoo when they're grilling me, I swear.
Hank Paulson openly admitted to Congress (well WTF can Congress do anyway? Bunch of weakasses) that he threatened BofA management in the Merrill merger. Threats! Shouldn't that be illegal?
Nah, it's so much easier to blame it on the posterchild CEO for financial meltdown and forget that it was Paulson who forced the merger, not poor pathetic Ken Lewis. Let the bastard be, he's been through enough, it's the guy with the pinky bent straight down towards the depths of hell that you need to be worried about, and what does he care? He's already made his money and moved on.
Shame on you, Pay Czar.
And in another note, Ken Lewis, I really hope you write the damn book. Fuck it, Bernaulson already threw you under the bus, why not capitalize on it? It's not like you have anything to lose at this point.