Unchecked CEO Pay

Copyright © 2008 AFL-CIO | American Federation of Labor – Congress of Industrial Organizations

Hear AFL-CIO Secretary-Treasurer Richard Trumka discuss how unchecked CEO pay contributed to the subprime mortgage crisis and the nation’s economic crisis

The chief executive of a Standard & Poor’s 500 company made, on average, $14.2 million in total compensation in 2007, according to preliminary data from The Corporate Library. Problems with executive compensation came to a head in 2007 with large severance packages given to CEOs of companies at the center of the mortgage crisis. The International Monetary Fund estimates that the financial turmoil set off by the collapse of the mortgage market could total nearly $1 trillion. Yet, chief executive officers of the firms most responsible for causing the crisis collected hundreds of millions of dollars in pay last year. This highlights the need for further reform to protect companies and their investors.

So Who Is Ken Lewis…

Wall Street melts down
by Charley Blaine and Elizabeth Strott

“…Why would Bank of America do this?” asked analyst Nancy Bush, of NAB Research, in an interview with The Wall Street Journal. “Ken Lewis always likes to buy the biggest thing he can. So why not this? You are master of the universe, basically…”

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Wikipedia.org:

Kenneth D. Lewis (Born 9 April 1947 in Meridian, Mississippi) is the current Chairman, CEO, and President of Bank of America, one of the largest banks in the United States, positions he has held since the retirement of Hugh McColl in 2001. He joined the organization (at that time NCNB) as a credit analyst in 1969, and served as the head of both international and domestic operations during his tenure at NationsBank.
He is a graduate of Georgia State University, where he earned a bachelor of arts degree in finance from J. Mack Robinson College of Business. J. Mack Robinson started Bank of America’s rival, Wachovia Bank. The college is located in a former C&S Bank building (now Bank of America). He is also a graduate of the executive program at Stanford University.
Lewis was named “Banker of the Year” in 2001, and was the same year honored as “Top Chief Executive Officer,” according to US Banker. In 2007, Lewis was listed among Time Magazine’s 100 Most Influential People in The World.

Financial Fears: WTH is going on!

First of all, Come on people, you were told to leave! (mandatory order) and your chose to stay to face the hurricane; so who do you suppose is paying for the rescue in progress now…and how about those that have their nice beach-vacation-living homes, staying for another hurricane to come. Just who is paying to bail these people out time after time.

And just why the hell should the government (American Taxpayers) bail out these mortgage and car companies that have been making money and putting it in their pockets.

It stinks of sewage in Washington, and it has not just been this administration that have had corrupt bed partners in the Knee High Shit.

Our America’s cup runneth over with stupidity, lies, and corruption.