It's been a while since Ken Lewis and the phrase 'a good example' have been used in the same sentence. After a rough couple of months, KL has been declared a model citizen of sorts once again. This time by Ken Feinberg. When pondering the question of which CEO had excelled in the areas of interest for compensation clawbacks, the Pay Czar was quick to nominate Kenny boy.
"There may be situations where, you want a good example, is the CEO for Bank of America, where we thought it important to claw back," Feinberg told reporters after speaking at George Washington University Law School.
But KF has tried to make it clear that he would invoke the power of the claw only in rare cases. What exactly does a former Banker of the Year have to do to warrant such a severe penalty? BAC has cornered the market on neither admitting nor denying any wrongdoing. You can't go after Ken Lewis just because. You need a good reason. So Ken Feinberg, exactly what warrants singling KL out?
Feinberg said he has not really explored how he will use the clawback power and will only exercise it when he finds "an egregious fact pattern."