Economy

xchrom

(108,903 posts)

22. BoA CEO gets $75 million pay package after bank lost more the 1/2 it's value

Fri Mar 30, 2012, 11:22 AM

Mar 2012

http://www.nationofchange.org/bank-america-ceo-gets-75-million-pay-package-after-bank-lost-more-half-its-stock-value-1333113463

The Wall Street Journal noted this week that that CEO pay lagged behind profits and productivity last year, mirroring a trend that has been occurring with workers’ wages for decades. But even that slight modicum of moderation regarding executive compensation evidently didn’t extend to Bank of America, which gave CEO Brian Moynihan a $7.5 million pay package — six times as much as he made in 2010 — following a year in which the company’s stock plummeted:

Bank of America gave its CEO a pay package worth $7.5 million last year, six times as large as the year before. It happened while the company’s stock lost more than half its value and the bank lost its claim as the biggest in the country.

The package for CEO Brian Moynihan included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of use of company aircraft and tax and financial advice.

For those keeping score, Bank of America’s stock dropped 58 percent in 2011 and the bank surrendered its title as the nation’s largest to JP Morgan Chase. A good chunk of the stock award was actually given to Moynihan for the bank’s 2010 performance, when it lost money.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

54 replies

= new reply since forum marked as read

Highlight:

STOCK MARKET WATCH -- Friday, 30 March 2012 [View all] Tansy_Gold Mar 2012 OP

Today's Cartoon: "Neither can the Politicians, Kid" Demeter Mar 2012 #1

Here's an even better quote of his Demeter Mar 2012 #2

NPR/Pro Publica Story on Fannie/Freddie Principal Mod Analysis Falls Apart Demeter Mar 2012 #3

Bill Black on How the Jumpstart Obama�s Bucket Shops Act is Just Another in a Long Series of Fraud-P Demeter Mar 2012 #4

Not-So-Dumb Consumers Shun OCC�s Bogus Foreclosure Reviews Demeter Mar 2012 #5

IS it illegal to nuke the banking industry? mbperrin Mar 2012 #6

I have read articles positing that we could all live quite well without private banks Demeter Mar 2012 #10

Yep. I've lived without banks since 1978, and I'm happy about it. mbperrin Mar 2012 #48

Do you have a credit union instead of a bank? DemReadingDU Mar 2012 #50

Nope. We don't take checks in our rental business. mbperrin Mar 2012 #53

whew! i made it to friday xchrom Mar 2012 #7

Yeah, if only it meant something Demeter Mar 2012 #11

M -- F just means i made it 5 days w/out crashing and burning -- and board meetings? xchrom Mar 2012 #12

My job always makes me feel I did something wrong. Tansy_Gold Mar 2012 #16

i've had too many jobs where it was always walking on egg shells...horrible. xchrom Mar 2012 #18

I have had 2 days of blame pinning.... AnneD Mar 2012 #23

Eurozone inflation falls by less than predicted xchrom Mar 2012 #8

Oil rises above $103 after hitting 6-week low xchrom Mar 2012 #9

Money Pol Does Mitt Romney really love you? xchrom Mar 2012 #13

The only "oblige" Romney feels is to himself. Demeter Mar 2012 #25

While we're at it: Bashing Buffett�Once Again With Feeling By Eric Fry Demeter Mar 2012 #27

The nebulous world of European agencies xchrom Mar 2012 #14

Scotland � oil, wind and whisky galore xchrom Mar 2012 #15

Foxconn Labor Audit and Apple's Bottom Line DemReadingDU Mar 2012 #17

NPR: Apple, Foxconn To Improve Factory Conditions DemReadingDU Mar 2012 #19

74 arrests and tear gas used for the first time in 16 years in Barcelona xchrom Mar 2012 #20

I call bull shit.... AnneD Mar 2012 #24

No, actually, this very small group of violent 'provokers' Ghost Dog Mar 2012 #40

I am so glad you weighed in on the topic..... AnneD Apr 2012 #54

Government announces biggest spending cuts of the democratic era xchrom Mar 2012 #21

I keep tellin' you guys Tansy_Gold Mar 2012 #39

But will it go far enough? Demeter Mar 2012 #42

It already has. girl gone mad Mar 2012 #43

But. Grafitti in the 'Gents' in the bar of this quiet rural mountain village: Ghost Dog Mar 2012 #46

That's the Reptilian Brain Speaking Demeter Mar 2012 #49

BoA CEO gets $75 million pay package after bank lost more the 1/2 it's value xchrom Mar 2012 #22

Obscene! Demeter Mar 2012 #26

I just realized, all those years I worked, I was doing it wrong!!!!!! dixiegrrrrl Mar 2012 #51

Madrid prostitutes boycott the bankers AnneD Mar 2012 #28

Madrid commits to reforms despite strike Demeter Mar 2012 #31

The Polite Conference Rooms Where Liberties Are Saved and Lost By Chris Hedges Demeter Mar 2012 #29

Ugh! It's Cold and Wet Out There! Demeter Mar 2012 #30

Brics nations threaten IMF funding Demeter Mar 2012 #32

Villagers fight over patents in rural China Demeter Mar 2012 #33

World Bank job favourite �lacks expertise� Demeter Mar 2012 #34

German shoppers drive growth Demeter Mar 2012 #35

Gloom falls on Italian lenders Demeter Mar 2012 #36

Apple responds to report on Foxconn Demeter Mar 2012 #37

Calling DeMarco's Bluff? Use the GSEs' Market Power to Force 2d Lien Write Downs Adam Levitin Demeter Mar 2012 #38

good cartoon (n/t) bread_and_roses Mar 2012 #41

Shaggy dog story from my sister Demeter Mar 2012 #44

LOL! DemReadingDU Mar 2012 #47

Groan................ dixiegrrrrl Mar 2012 #52

Europe warned crisis not over yet Demeter Mar 2012 #45