Forum Post: Bank of America Executives Get $11 million golden handshake
Posted 13 years ago on Oct. 12, 2011, 1:32 p.m. EST by guru401
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http://www.bizjournals.com/boston/news/2011/10/10/fired-bofa-execs-get-11m-handshake.html
Bank of America Bank of America Latest from The Business Journals Bankers: Durbin law 'alters banking economics' Occupy Atl. refuses to leave park, displeased with mayorOccupy St. Louis plans big rally, march this Friday Follow this company (NYSE: BAC) has plans to lay off tens of thousands, but at least two of the workers it’s cutting won’t have anything to complain about.
Bank of America is shelling out $11 million in severance to dismissed BofA executives Sallie L. Krawcheck and Joe L. Price. The two were dismissed Sept. 6. Krawcheck, formerly president of global wealth and investment management, will receive $6 million. Price, formerly president of global consumer and small-business banking, will receive $5 million.
The payouts were detailed in a regulatory filing posted by Bank of America Friday. The separation agreements were reached on Thursday, Oct. 6, according to the filing.
Krawcheck’s payout includes one year’s pay and benefits, equal to $850,000, plus a lump-sum payment of $5.15 million. Price is also to receive a year’s worth of pay and benefits, worth the same amount – plus $4.15 million in a lump-sum payment.
If you don't like BoA's banking practices and Corporate benefit packages, this is capitalist America...you simple don't have to do business with them.
There's no need for class warfare. Just take your business elsewhere and move on w/ your life.
Although I'm all in favor of taking down today's ineffective and inefficient Top 10% Management Group of Business & Government, there's only one way to do it – by fighting bankers as bankers ourselves. Consequently, I have posted a 1-page Summary of the Strategic Legal Policies, Organizational Operating Structures, and Tactical Investment Procedures necessary to do this at:
http://getsatisfaction.com/americanselect/topics/on_strategic_legal_policy_organizational_operational_structures_tactical_investment_procedures
Join
http://finance.groups.yahoo.com/group/StrategicInternationalSystems/
if you want to support a Presidential Candidate – myself – at AmericansElect.org in support of the above bank-focused platform.
Yup millions for failing, great country, this America!
Firing bonus, not golden handshake, is what it really is.
Crawlcheck and Price huh? Bank of America. The people have to sock it to these crooks. Get your money out now because Bank of America is going to be the scapegoat for all of the rest. Do not pay Bank of America a single dime for any reason. Put your money in your local credit union.