Drudge Retort: Red Meat for Yellow Dogs

Departing Bank of America CEO Ken Lewis leaves with a $53 million pension. "That should give him about $3.5 million a year in pension payouts for the rest of his life -- at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments," Fortune magazine reports.

Liberal Blog Advertising Network

Menu

Subscriptions

Author Info

vernon

MORE STORIES

Special Features

Comments

Admin's note: Participants in the discussion of this weblog entry should note the site's moderation policy.

Where do these guys get these jobs. And I'll probably be on the street in 18 months. Laid off by Wells Fargo and too old to get another good job but too young for SS or Medicare. Oh well.

"Where do these guys get these jobs."

I hear ya! As a business journalist I've spent plenty of time around executives, and noticed that Most CEO types choose it as a career path when they are very young.

They are typically amoral chamelions and become what ever person they need to, in order to advance their career. In a lot of ways they are just like politicians.

Those who will not fit the mold become entrepreneurs. One of my favorite examples is Fred Smith. Every business executive told him his idea was whacked, but he went for it anyway, and created FedEx.

Where do these guys get these jobs. And I'll probably be on the street in 18 months. Laid off by Wells Fargo and too old to get another good job but too young for SS or Medicare. Oh well.
#1 | Posted by JoeLabey at 2009-10-03 11:29 PM

I know what you mean. When we have to fight 30 people for one position - and they cut most benefits anyhow, it's like 29 people are suddenly obsolete.

I guess we all have to wait for "shovel ready jobs", whatever the fuck that means. We allegedly don't have enough money to fix our roads now, how are we going to employ the double-digit unemployed?

1. Churches should pay their fair share of taxes and that money should be going to drug rehabilitation programs.
2. Marijuana and hemp should be legalized - even the poor might be able to make ends barely meet.
3. Our city commissioners should be locked in a cage and dropped a few miles offshore. The Pearl District was a FUCKING MORONIC WASTE OF OUR CITY RESOURCES.
4. Small business and home loans should be dropped to ZERO percent interest - no ARMS, legs or dicking around. Increase in revenue should accomplish the same feat, but more directly into their businesses.
5. The drinking age should be lowered to the military minimum.
6. One strike policy with drunk driving.
7. Implement the Don DuPay model for drug rehabilitation and get those street kids some real help and an actual future.

I could go on and on - city contractors, corrupt officials, police rehabilitation, etc. All require attention and nobody has the balls to do any of it. "This town needs an enema."

On topic: Obviously, Mister Lewis (just like Ken Lay) should be not have any pension, especially after screwing so many shareholders. Those pension contracts are only valid upon certain conditions, one of which is their corporate position upon "removal". If demotion or legal investigations deny them performing their "function" would that disallow them from receiving that ill-gotten cash? I know that sounds simple, but I really have no idea how they can obtain that kind of "futures profit" from a failed tenureship.

Lewis claims that Geithner forced him into taking over Merrill Lynch without doing proper due diligence. I think Lewis got promoted to a job above his intellect, but from what I know of the dumbass Tim Geithner, I'm inclined to believe him.

In a perfect world, both Lewis and Geithner would be on the street. But as long as Tax-Dodgin' Timmy has a great fall-away jumper and pals around with certain president whose job exceeds his capacities, he'll still be around.

$2 trillion down. How many more to go?

None of this would have happened under McColl.

Lewis claims that Geithner forced him into taking over Merrill Lynch without doing proper due diligence. I think Lewis got promoted to a job above his intellect, but from what I know of the dumbass Tim Geithner, I'm inclined to believe him.
In a perfect world, both Lewis and Geithner would be on the street. But as long as Tax-Dodgin' Timmy has a great fall-away jumper and pals around with certain president whose job exceeds his capacities, he'll still be around.
$2 trillion down. How many more to go?
#4 | Posted by rightisright at 2009-10-04 11:25 AM

Well-said. Every time I watch Geithner correct a senator on language it's the same shuffled pitch every time.

Is he the Feds "super-brain"? I wonder how many quarters you need to insert to get your fortune?

Approved with your tax dollars by the Obama Administration.

Hope and change motherfuckers!

On topic: Obviously, Mister Lewis (just like Ken Lay) should be not have any pension, especially after screwing so many shareholders.

Bullshit. Most all bank stocks tanked, and BAC survived. If anybody had the foresight of Lewis, you would have bought them in March and had 5x's your money!

BAC is the TOP large cap bank stock recommendation of the 2 largest brokerage firms!

Let me guess Goldman Sachs and Merrill Lynch?

Well I am sure Merrill Lynch recomends buying BAC.

Goldman is just a guess.

"The U.S. government has provided $45 billion to Bank of America through the Troubled Assets Relief Program, but how that money has been used remains unclear."

abcnews.go.com

Just remember, according to the NYT, Nov 2008, this is Geithner's baby.

Don't like it? Talk to Timroid the Tax Cheat.

Sure, anybody could have bought them at a 22 year low and made money. You can say that about most of the stocks out there, this was a great buying opportunity. Unfortunately for those of us who held BAC for long term, we've given up years of gains, lost the dividend and (speaking for myself) gotten squeezed by the deleveraging. I hope KL goes to jail for his bullshit Merrill play. Destroyed the stock. And the fucker laughed about being able to have bought it cheaper the next day but didn't care. And now this pension? Ridiculous.

Thank God for "Service Charges" - May they Prosper and Mulitply!!!

Close Tao...btw brokers never have 'research opinions' on their own company

wonder what the governments cut be?

AND ALSO reports are out that both paulson and bernake "mislead the country' on thier tarp...which is a year old today...

hhhhhhhmmmmmmmm

"a year old today"

Oh yes, the Bush administration. Thanks for pointing that out.

"The U.S. government has provided $45 billion to Bank of America through the Troubled Assets Relief Program, but how that money has been used remains unclear."


Well we now know millions went to the likes of Schumer, Dodd and those who made sure CEO's would still get their bonuses. Remember when they feigned ignorance after it was discovered in the TARP legislation THEY wrote?

Oh yes, the Bush administration. Thanks for pointing that out.

#19 | Posted by Zatoichi at 2009-


thats right

hey...how did barry vote on that anyway????????

and which party owned congress again????

please ....yours wasnt even a good try

"wasnt(sic) even a good try"

Typical illiterate Texas school teacher.

Most all bank stocks tanked, and BAC survived. If anybody had the foresight of Lewis, you would have bought them in March and had 5x's your money! -- #9 | Posted by DavetheWave

This is why I keep insisting the system is broken. Lewis has done his job well, as have many other corporate CEO's whose responsibilities are not to the American public, but to their shareholders.

The argument for free markets is based on Adam Smith's insight that private incentives (greed) can lead to good social outcomes (biggest pie). Too many brilliant economists have memorized the free market mantra, but failed to notice that it doesn't apply to today's economy.

#23...

If every Bank received TARP funds like B of A, they would have had the same results as B of A. Not sure Lewis is should be given that much credit. Or compensation for that matter.

Where are all the Big Corporation whiners on this today? Not even a blame Bush deflection.

Why did we "give" them the money instead of "loaned" them the money?

#25...

I thought we did loan them the money.

Really Phoenix, then why don't you tell us about which economy is doing well now? Go ahead pick of YOUR choice, socialistic, communist, facist, etc!

Tell us about all those wonderful places that are not suffering because they avoid capitalism!!!!!

Dave,

How about Saudi Arabia, Dubai, Germany or China?

Actually everybody in Europe and Scandanavia are better off than we are. Even South America is doing better after they kicked out pHD shills from the Chicago School of Economics.

This is more about stripping Americans of everything they have thanks to the bought and paid for, corrupt Democrats and Republicans.

No CEO of any taxpayer bailed out bank is now worth 53 Million in retirement.

They should be stripped of their assets and turned over to the US Treasury.

What was the chinese market off by last yr? Dubai's?? Germany's? If you actually think Italy, Spain, Portugal, Finland, Iceland, Demnamrk et all had better returns last year, show them to us!

and which party owned congress again????
please ....yours wasnt even a good try
#21 | Posted by afkabl2

And which party did the POTUS belong to who pushed it?
Please, yours was just another half-assed try.

They kiss ass on the way to the top and once there, they set themselves up for a nice cushy retirement package at the expense of hard working individuals like us. I hope he "chokes" on his new found fortune. I have always disliked Bank of America, now I would like to see them go down in a ball of flames. I WILL NEVER BANK WITH THEM !

Post a comment
Comments are closed for this entry.
Drudge Retort

Home | News | Comments | User Blogs | Nooner | Back Page | RSS Feed | RSS Spec | Copyright 2009 World Readable