This will make your day: BofA CEO: $53 million retirement score

[sinkingfeeling]

http://money.cnn.com/2009/10/01/news/newsmakers/lewis.payout.fortune/index.htm

NEW YORK (Fortune) -- Ken Lewis doesn't have a golden parachute, but he's all set for a comfortable landing -- unlike his long-suffering shareholders.

The Bank of America (BAC, Fortune 500) chief executive officer said Wednesday he'll step aside at year-end after eight years at the helm. Based on the company's most recent proxy statement, he will have $53 million in pension benefits waiting for him when he leaves.

That should give him about $3.5 million a year for the rest of his life -- at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments.

[Barack_America]

1. Oh so it's not a golden parachute, it's a "golden parachute".

Gotcha.

[rucky]

2. Why are there still shareholders in companies like this?

WTF is wrong with investors?

[Fire1]

3. I cannot stand that shit head. n/t

[RKP5637]

4. Brings yet a new meaning of serfdom for the growing majority of Americans!

Eventually leaving American to live in a third world country well might be an improvement in ones standard of living for many of us. Eventually the youth of this country will not stand a chance unless born into outrageous wealth. Many don't even stand a chance today no matter how hard they try.

[valerief]

5. Americans lose their pensions so pieces of shit like Lewis can have more than he'll ever need. nt

[onethatcares]

6. well, he deserves it all because of all the risk he took

building boa up one customer dollar after the other, hell he probably stayed up late nights just thinking of ways to screw everyone out of a few pennies more. So lighten up, you could do it to, it's the American way.:banghead: :banghead: :banghead: