Forum Post: Reformed broker talks about BOA greed
Posted 12 years ago on Oct. 10, 2011, 3:57 p.m. EST by powertothepeople
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http://www.thereformedbroker.com/2011/10/09/this-is-why-they-hate-you-and-want-you-to-die/
(Reuters) – Bank of America Corp will pay $11 million to ousted executives Joe Price and Sallie Krawcheck, a large payout at a time when banks face protests over pay but smaller than the eight-figure packages some executives received before the financial crisis.
Krawcheck -- a former Citigroup Inc executive who came to Bank of America in 2009 and was one of the top-ranking women on Wall Street -- will receive a one-time payment of $5.15 million, according to separation agreements filed by the bank on Friday.
Price, a Bank of America veteran, gets $4.15 million. Each will also receive $850,000 over a one-year period.
Price was head of consumer banking and Krawcheck led wealth and investment operations.
Elevenmilliondollars? What the hell world are you inhabiting? Eleven million dollars for two departing executives because things didn't work out? I'm sorry, but were these two executives of Derek Jeter and Alex Rodriguez-level importance for your organization? Is that why there are severance deals like this in place? Or are you just completely psychotic?
http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html
That is what happens when corporate executives are unaccountable. They use the corporations they control as vessels for their personal enrichment, sticking it to employees, consumers, and even shareholders along the way. Each of these just collectively paid 11 million dollars to two individuals for no discernible reason. This is what raw, unrestrained power looks like.
It is great to make a few million for failing! Great country, America!
They are all making fools out of the rest of us. While they pay their political stooges to repeat the same old American dream crap to us, they are looting the system for all it is worth. This has to stop at some point. Why not now? http://sibob.org/wordpress/?p=8012
Actually, yes, they kind of were at that level. Whether they delivered or not is another matter but that also applies to lots of sports figures, coaches, celebs, musicians, etc., who are paid ridiculous amounts of money despite poor performance. That said, I'm not at all defending these kinds of severance payments.