Kenny Boy’s pay package for 2009 will consist of $0 in salary, $0 in bonus and a bill. Not only will KL see two bagels for his efforts this year, but the pay czar is making him pay back the $1 million plus he’s already earned.
A Bank of America spokesman said Mr. Lewis voluntarily agreed to the deal, which was finalized Thursday.
“Mr. Feinberg suggested that Ken Lewis should take no compensation for 2009. Mr. Lewis agreed. Mr. Lewis added that he felt it was not in the best interest of Bank of America for him to get involved in a dispute with the paymaster,” the spokesman said.
Outgoing BofA CEO Ken Lewis to Receive No Salary, Bonus for 2009 [WSJ]
I’d prefer two doughnuts. With frosting and jimmies.
-KL
The “paymaster!” Nice.
I actually feel bad for K. Lew. You know the marriage made between BAC and MER was forced, with dowry.
Article sounds like the “paymaster” would have loved to claw back 40 years of Ken’s life. Real classy. Eat that rich guy, get him!!
KAHHHHHHN!
“Banker of the Year” is the new character killing.
I’m not “one of these,” but fuck Obama and fuck Feinberg. This is absurd.
The two Charlotte Kens ride off into the sunset, penniless I hope,
Ken Thompson formerly of Wachovia and Ken Lewis formerly of NCNB. They forgot to dance with the ones that brought them and now their name is mud. And who said there is no justice in the land of the rich.
At least the picture is funny.
He’ll definitely be hitting the Boone’s hard in the office tomorrow. I’m more of a Bordeaux guy myself, but you can’t blame him.
we should all be embarassed to live here. cant believe the administration allowed this to happen.
-not KL
“paymaster” is the new “regime”
That $70-120 mil package isn’t going to pay the rent.
I make that same face when Greg comes over for Thanksgiving. That douche.
Greg’s Mom
Kenny gets bagels for buying my big easy. He can caddy for me any time.
S O’Neil
He was still overpaid
Yeah, but does he have to give back the blowjobs he got from his lackeys?
America is fucked.
IMO Ken Lewis is getting screwed. Henry Paulson and the government squeezed him into that ML deal – and they made him the fall guy.
I really feel sorry for Ken Lewis and John Thain. To me they are only victims not evils.
I question the constitutional authority for a government bureaucrat to order a US citizen to work for no compensation. There’s this inconvenient 13th Amendment.
He looks like Washington D.C screwed him in that picture!
BOA is still doing well. In fact even better before the financial meltdown but why are they punishing him as if he was responsible for all these problems?
Bet he got a “stay out of jail free” card with the bagels. If he didn’t, he is a bigger dope than he looks.
Greg should voluntarily give back his salary and bonus from dealbreaker this year.
Shoula make Steele Alphin, Brian Moynihan, Andrea Smith, et al give back as well, they all destroyed value in last few years
Ken should be paid a salary but not a bonus…How do you like the Obama changes now…
@17
Everyone knows that, but it would ruin the fun to actually acknowledge this. He was a bit spineless about it too. Besides, in the long run both the ML and Cwide aquisitions will probably make BofA tons of money.
@18, hell, Thain should be feted (for, you know, doing the whole “looking out for his equity-holders” thing)
@19. It was a voluntary move you dumb fuck.
Obama and Geitner need to break up BofA, JPM, GS and Citi the way Standard Oil was. They look incompetent for taking so long.
What ever happened to the US guarantee of all money market funds, anyway? This is asinine public policy. All this US backstopping takes away money from more solid competitors.
what’s fair is fair… so every time unemployment upticks from now on, every member of congress and the president and his cabinet get docked for that month – and the money they lose goes ACH style into the bank account of ken lewis – and if it goes down maybe they get a little bonus… just saying