No Pay for Bank of America CEO Ken Lewis

It looks as if the Obama administration is enforcing its edict to crack down on corporations receiving federal bailout money. It was recently announced that the beleaguered chief executive officer of Bank of America, Ken Lewis, will receive no pay or bonuses for the year 2009.

The pay czar appointed by Obama, Kenneth Feinberg, is the one that made the suggestion that Lewis receive no salary or bonuses in 2009. Lewis in fact, has agreed to pay back approximately $1 million of the $1.5 million salary that he has already received.

This announcement comes on the heels of Bank of America reporting that their credit card losses continued to mount. Bank of America was very active in issuing credit cards to consumers with mediocre to poor credit histories. They were so active in issuing credit cards to high-risk individuals that they were even giving them to illegal aliens.

This strategy has clearly backfired as unemployment continues to mount and defaults continue to occur at a record pace.

Related Information:

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