Sticking It to Ken Lewis

Courtesy of the WSJ:

Kenneth Lewis, outgoing chief executive of Bank of America, will get no salary or bonus for 2009. Lewis will have to repay the North Carolina-based bank more than $1 million in salary he has already earned.
The move was demanded by Kenneth Feinberg, the U.S. Treasury Department’s special master for compensation, and was agreed to by Lewis and the bank. A Bank of America spokesman said Lewis voluntarily agreed to the deal, which was finalized Thursday.


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    1. As a believer in capitalism, the idea of a pay czar is an anathema to me, but I do have to wonder (given what he has genuinely earned and been paid over the years) why he needs over $53 million in pension benefits.

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