"Bank of America details executives’ 2009 pay" by Beth Healy, Globe Staff | February 27, 2010
Brian Moynihan, Bank of America Corp.’s new chief executive, received $6.5 million in total compensation last year when he served in a variety of senior positions, according to the bank’s annual regulatory filing. Most of that compensation was in the form of $5.2 million in stock awards. His salary was $800,000 and, like many others at the company, he received no bonus. His total compensation in the prior year was almost $4.9 million.
Meanwhile, his predecessor, Kenneth Lewis, received no salary or bonus, under an agreement with the government, which imposed limits on the company’s executive compensation because it received $45 billion in federal bailout funds. Lewis’s total compensation for the year was $4.2 million, most of which was related to a change in the value of his pension. He also reaped perks valued at $32,171, including home security and tax services. In 2008, Lewis received a $1.5 million salary and total compensation of $9.9 million.
These guys DO NOT NEED SALARIES!
Banks are PAYING THEIR FRIKKIN' LIVING EXPENSES!
Salaries are to INVEST, right?
Other executives of the bank earned far more: Thomas Montag, who joined the bank with the acquisition of Merrill Lynch & Co. and is now head of the bank’s Global Banking and Markets business, got $29.9 million in total compensation.
Yeah, because someone else got way more it's all good.
Most of that was in the form of a $29.3 million stock award, which Merrill had promised him when he was hired in 2008, according to the filing....
And if he cashes that in, well....
Time to face the shareholders!
"Moynihan braces for 1st annual meeting; Bank of America chief to face investors upset over pay policies, losses" by Beth Healy, Globe Staff | March 18, 2010
Former chief executive Kenneth Lewis, who spent his career at the bank and its predecessor companies leaves the company with $57 million in pension plans and more than $11 million in other retirement and deferred compensation.
Holy crap!
New chief executive Brian Moynihan received $6.5 million in total compensation last year, while a Merrill Lynch executive in charge of the merged company’s global banking and markets, Thomas K. Montag, received nearly $30 million.
Seems like chump change now.
Also the company disclosed that director and former chairman Charles “Chad’’ Gifford received nearly $1.8 million in pay and private jet travel last year.
Anybody paying your gasoline bill if you have a job, American?
That included $956,007 for aircraft use and $238,155 for office space and administrative support....
Yeah, there are piles of money over at BoA!
One wonders why they needed a bailout at all!
Related:
"US District Judge Jed S. Rakoff called the revised pact “half-baked justice at best’’ and said the court approved it “while shaking its head.’’
--more--"
"Moynihan says he’ll vote for Frank" by Bloomberg News | March 2, 2010
CHARLOTTE, N.C. - Bank of America Corp. chief executive Brian Moynihan said he plans to vote for US Representative Barney Frank in November, praising the House Financial Services Committee chairman for balancing concerns of lenders and consumers.
Of course he does: Barney Frank and Friends
“He knows the issues that the industry is facing, he knows the issues consumers are facing, and he has an amazing ability to see how those fit together,’’ Moynihan said in an interview yesterday on the New England Cable Network.
Asked if he will vote for the Massachusetts Democrat in November’s election, Moynihan said, “absolutely.’’ Moynihan lives in Wellesley, which is part of Frank’s congressional district.
So when did the Boston Globe become Barney Frank's campaign manager?
Moynihan, 50, has worked with Frank since Bank of America promised to retain its 17,900 jobs in New England after the lender’s 2004 purchase of FleetBoston Financial Corp. Frank, 69, has been a congressman since 1981 and has filed to seek reelection for his 16th term.
Was that really a news story?
--more--"
Wow. Barney must be in some trouble.
"Bank of America vows 3-day response to borrowers" by David Mildenberg, Bloomberg News | April 7, 2010
CHARLOTTE, N.C. — Bank of America Corp., the largest US bank, is vowing to answer queries about mortgages within three days to help borrowers keep their homes, an executive said yesterday.
The pledge is a response to concerns by borrowers and housing-industry activists that lenders take too long to modify loans and prevent foreclosures, Rebecca Marione, national default servicing executive, said at a housing conference in Charlotte, where Bank of America is based.
Yeah, you haven't gotten any help at all.
Related: Obama's Mortgage Meltdown
Yeah, he's been president long enough, It's all his now.
Some borrowers wait months for responses because home-loan servicers are overwhelmed by demands for assistance, said Stella Adams, executive director of the North Carolina Fair Housing Center, a Durham-based nonprofit group.
And banks got their tax loot haul in days!
Bank of America, the biggest US mortgage servicer, is adding 1,000 people this year and investing millions of dollars to improve systems, Marione said.
Related: New Home of the Nation
Crisis has been going on for over two years and now they are just getting around to dealing with it?
Bank of America reported a $3.8 billion loss in its home-loan business last year because of higher defaults.
But somehow they made like $3 billion in profit last quarter.
CHARLOTTE, N.C. — Even as the nation’s big banks report more losses from mortgage loans, they’re seeing signs of an economic recovery.
Bank of America Corp. yesterday followed JPMorgan Chase & Co. in reporting a big first-quarter profit and said it sees a healing economy. The bank said its earnings rose 0.7 percent to $2.83 billion from $2.81 billion a year earlier. Strong trading revenue helped the bank offset its losses from failed consumer loans.
Yeah, so THEY are doing the SAME THING GOLDMAN and ALL the REST!!!
Chief executive Brian Moynihan said in a statement, “the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy.’’ On Wednesday, his counterpart at JPMorgan, Jamie Dimon, said the economy is showing “clear and broad-based improvements.’’
Still....(I want more than a nickel in the cup)
--more--"
Glad everything is looking good for BoA.
I was wondering how I was going to sleep tonight.
"Banking on success; Financial giant’s new CEO is upbeat, though some protest lending policies" by Todd Wallack, Globe Staff | April 29, 2010
CHARLOTTE, N.C. — About 50 protestors, mainly representing labor and social advocacy groups, gathered outside the meeting, holding signs complaining about predatory lending, the government bailout, and billions in bonuses awarded to executives at large banks.
Related: Executive Payday: Raytheon Rewarded by Labor
“Our cause is a moral cause,’’ the Rev. Jesse Jackson told other protesters. “Usury is a sin.’’
Oh, Jesse horning in and exploiting any opportunity for press coverage, 'eh?
I'd ease up on the guy but he never gets anything done.
He comes in, gets press attention taken away from the issue, and then leaves without resolution.
Now send the coalition a check, will ya?
--more--"
