Tweet
This is shocking. In a discussion of whether the new pay-czar’s authority extends to outgoing CEO Ken Lewis’s expected $69 million pay-out, Bank of America spokesman Bob Stickler declared Barack Obama’s presidency outlaw.
Lewis, who announced last month that he will retire at the year’s end, will still have $53 million in pension benefits waiting for him. The outgoing chief will also have other stock awards and deferred compensation for a total $69 million payout, said Stickler.
Feinberg does not have authority to modify compensation awarded before 2009, which includes Lewis’ retirement package and stock holdings from a four-decade career at the bank.
But Stickler asked, “Since when does law apply to this administration?” As a result, he said Bank of America is unsure whether or not Lewis’ retirement package is under review by the government.
Will House Financial Services Committee chairman Barney Frank call Mr Stickler up to Capitol Hill to ask him exactly what laws he thinks the Obama Administration has violated? This accusation should not go unanswered, especially when it comes from a taxpayer-bailed-out bank.
Stickler certainly sounds aggrieved; why not give him a witness chair and let America hear his objections?
6 Comments
You can Digg this post here if you like.
Had they done the right thing, and nationalized these banks, throwing out these people and cleaning them up, we wouldn’t be talking about, or worrying about what’s happening now.
They bailed them out, continuing the problems they caused, and the things they do, and yes the rip off of America. Our Governments failure has way outwayed the Banks failure, and is using our money to create and compound their failures.
You got that right!
Teddy, when did snide become an answerable offense?( I probably need to know.)
I just think the taxpayer-bailed-out banks have gotten big for their britches after all their “help us, Federales!!” whining last year. I mean, calling this Administration outlaws is not the way to win friends and influence people, and their crisis is NOT over yet. BofA still need friends.
OK. You lose $2.2 billion dollars, $1 billion in one quarter, and you forfeit the right to call anybody names.