Mar 19 2008
B of A profits drop 30% But CEO Gets $4.25 Million Bonus
In the Charlotte Observer’s financial section today there is an announcement that Ken Lewis, the CEO of Bank of America, headquartered in uptown Charlotte, received a $4.25 million bonus for the 2007 fiscal year.
Bank of America experienced a 30% drop in profits in 2007. They experienced a fourth quarter loss. Their 1 year EPS Growth rate is in the red at -28.08%. They laid off several thousand employees.
In light of all of this, why on Earth is this man getting a dime more than his standard compensation? The former CEO of Home Depot last year walked away with a $210 million golden parachute for being fired due to practically running the company into the ground. Let’s also not forget Lee Raymond, the former CEO of Exxon who walked away with a $400 million retirement package while gas prices are at record highs. CEOs getting away with raping the share holders and screwing their employees is exactly why the American public is losing faith in the free market.
The only reason folks are loosing faith in free markets is because we haven’t had a free market economy since the great depression. Couple that with the utter stupidity of your average Americans where Economics is concerned and it’s no wonder socialists like Obama are so well thought of…
While we’re on the subject of Obama, might I point some folks to the Obamessiah Open Thread on my blog. It’s sure to be a hit with supporters and detractors alike!