Donation is protest of layoffs by banks

[wildeyed]

John Moore wants Charlotte's big banks to pay executives less, pay employees more and stop cutting jobs. He's putting up $100,000 to make the point.

In a largely symbolic act of protest, Moore and his wife, Patricia, plan to give $50,000 each to charities in Boston and Birmingham, largely in shares of Wachovia Corp. and Bank of America Corp. stock, to help workers in those cities let go by the Charlotte-based companies.

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Bank of America has cut about 2,900 jobs in New England, about half in Massachusetts, according to news reports based on data provided to state officials. The bank has promised to return by 2006 to the 17,900 jobs Fleet provided in New England before the deal.

Meanwhile, Bank of America Corp. Chairman and Chief Executive Ken Lewis made $19.3 million in total direct compensation in 2004. Wachovia Corp. Chairman Ken Thompson made $13.3 million. Both executives were rewarded by their company's compensation committees in part for returning money to shareholders. Bank of America posted a rise in total return of 21.5 percent in 2004. Wachovia raised returns by 16.8 percent.

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Moore said he could have purchased stock in companies that behaved the way he thought they should. Instead, calling that "the easy way," he has fought to change the behavior of the companies whose stock he owns.

http://www.charlotte.com/mld/observer/11371523.htm