How is YOUR RETIREMENT doing, America?
"Bank of America CEO forgoes ’09 pay" by Washington Post | October 16, 2009
NEW YORK - Kenneth Lewis, Bank of America’s outgoing chief executive, will take no pay in 2009 under an agreement negotiated with the government that will require him to return roughly $1 million in compensation to the bank....
What, OVERDOSE on LOOTING, did he?
That the government would ask an executive of a Fortune 100 company to take no salary was shocking to Wall Street, compensation experts, and even activist shareholders who have pushed for Lewis’s resignation. But it is unlikely that Feinberg will require other executives under his purview to take no pay when he formally issues his rulings on pay packages later this month. Lewis’s pay decision was largely based on the fact that he is leaving the bank at the end of the year, and is eligible for a significant retirement package, according to sources familiar with the matter who spoke on condition of anonymity because the deliberations were private.....
All while they LOST MONEY, huh?
A BONUS for LOSING MONEY? Aren't workers FIRED for that?
"Bank of America suffers $1b quarterly loss" by David Mildenberg, Bloomberg News | October 17, 2009
CHARLOTTE, N.C. - Bank of America Corp., the biggest US lender, posted its second quarterly loss in less than a year, unable to shake off effects of the economic contraction that drove the company to take two taxpayer bailouts....
Paulson's arm-twisting didn't hurt.
Related: Banks Move to Wall Street
How come BoA didn't MAKE BILLIONS like the REST of them?
“The idea that the financial crisis is over is a fantasy and it looks like the numbers bear that out,’’ said Harvard University professor Niall Ferguson....
But, but, but... my NEWSPAPERS SAYS SO EVERY DAY (but, yet, still, etc)!!!!
The quarter’s results, however, were aided by profit from Merrill Lynch, with gains from trading bonds, stocks, and currencies....
Yeah, do you know how they do that?
"Goldman's "secret" isn't a secret at all. Their program trading system, dragged into the light by the arrest of a former programmer, churns the market constantly, capturing a few dollars here and there as the price of targeted stocks fluctuates, raking in $100 million a day for which nothing of value is given back. It is legalized looting on a scale that makes Bernie Madoff's scams look like stealing a few coins from the collection plate. And all of this is paid for by the traders who are not allowed to use programs, the investors who get to the trade windows a second later than Goldman Sachs, and of course, the actual companies being traded." -- Wake the Flock Up "
I assume Merrill does the same thing.
--more--"
Btw, Merril and BoA have SO MUCH MONEY they can USE YOUR BAILOUT DOUGH to run a full-page ad in the Globe today claiming they will protect elderly retirements -- after they STOLE IT FROM YOU!!
Is that the height of arrogant chutzpah or what?
