Bank of America Releases Top Two Executives with $6 million in Exit Pay
New York -- Sallie Krawcheck and Joe Price, the two top Bank of America executives who were ousted last month, are getting hefty severance packages. Krawcheck headed the banks wealth management division and Price was consumer banking head. Both reported to CEO Brian Moynihan. (Source: Associated Press)
The Bank of America will receive $20bn (£13.4bn) in fresh US government aid and $118bn worth of guarantees against bad assets. (2009) (Source BBC News)
In this same time period another $45 billion of bailout money followed on as the entity made blunder after blunder.
Along with complicated guarantees, and other TARP and bailout funds the Bank of America is still on the verge of collapse despite billions and billions of tax payer dollars to prop up this failing entity.
Not only have the two top executives not performed up to snuff, but they are being rewarded at least $6 million dollars for their ineptitude; additionally their base salaries of some $850, 000 each in lump sum payments for signing non-compete agreements will be paid.
There should be a law against these kind of pay-offs! But, these sweetheart deals are standard operating procedure at this level. The CEO, Brian Moynihan, is as culpable as the other two top executives, but he is still standing. No wonder people are outraged, and picketing...they have every right to be incensed and outraged by all measure!
The fact that the taxpayer is paying for all of this is the part that is the most egregious and insulting in the whole matter. Now the U.S. owns part of the Bank of America and like General Motors will continue to drain the U.S. Treasury.
When when does all this stop?
I am afraid the answer is when we replace Obama in 2012, but it doesn't seem like that is soon enough. Some how we need to stop the bleeding, but how?