This is insane: At the “suggestion” of special master for executive compensation Kenneth Feinberg, Ken Lewis, the outgoing CEO of Bank of America, will get no salary or bonus for 2009, the year he spent being battered by the press and Bank of America shareholders and possibly being a government patsy. In fact, according to The Wall Street Journal, he’ll have to repay the bank more than $1 million in salary he has already earned. This is how it went down, a Bank of America spokesman told the Journal:
“Mr. Feinberg suggested that Ken Lewis should take no compensation for 2009. Mr. Lewis agreed. Mr. Lewis added that he felt it was not in the best interest of Bank of America for him to get involved in a dispute with the paymaster,” the spokesman said.
He “suggested” it and he just backed down? Okay, no way. To us, this can only mean one of three things. Either 1) Ken Lewis really did have a big hippie epiphany in the mountains of Colorado and decided he no longer needed money or material possessions, 2) the government has serious shit on Lewis, or 3) these negotiations were conducted with Lewis stretched on a rack while Feinberg dripped hot wax on his chest. We’re guessing a 2-3 combo. This is scary.