Top BofA Executives Get Scaled-Back Bonuses

[Robbien]

Source: NYT

<snip>

Overall, Bank of America’s profit for 2007 was down 29 percent from the previous year. . . the results from its investment banking arm were particularly disastrous, hurt by billions of dollars in write-downs on securities linked to subprime mortgages. The Charlotte, N.C.-based company has been cutting hundreds of investment banking jobs.

<snip>

According to Bank of America’s proxy, Mr. Lewis, the firm’s chairman and chief executive, was awarded $4.25 million in cash and $4.25 million in restricted stock for 2007. That comes to $8.5 million, not including his $1.5 million base salary, stock options and other perks.

That number is less than half of his target bonus of $18.5 million in cash and restricted stock, reflecting the fact that Bank of America “significantly missed” its three main financial goals for the year, the proxy said.

Read more: http://dealbook.blogs.nytimes.com/2008/03/19/bofa-chief-gets-scaled-back-bonus/

---

The CFO and Chief Risk officer got a bonus of $3.2 million each.

Bonuses for tanking the economy and raiding the taxpayers' Treasury.

[jgraz]

1. Allow me to be the first to say

:nopity:

[Hand]

9. Dang! Ya beat me to it!

Well, let me just add... :nopity:

[JackintheGreen]

2. See, at my job I only get bonuses when I do well

I need me a new job. I'm sure I could do a better job tanking the economy that Mr. Lewis.

[swimmernsecretsea]

3. Well, I was going to say "bummer, dudes" but then I remembered

I have a BofA account, and I guess that might mean that I get dinged on service charges if I just think about the bank.

[truedelphi]

8. Small print line on yr next bank statement

I twill detail: OSTT charge (Over sufficient time thought charge)

We're Bank of America - we think about yr money - you don't need to think abt us!

[Auggie]

4. B of A shareholders should demand his head

[Bozita]

5. Keep your eye on BofA credit card interest rates.

We can't have top bank executives wondering where their next vacation home is coming from.

[tbyg52]

6. Poor babies. Single-digit instead of double-digit millions..... nt

[katty]

7. boohoo, took them long enough-axe some more!

[BrklynLiberal]

10. As my Grandma used to say, "Let's run him a benefit!!!"