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MONDAY, NOVEMBER 23, 2009
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Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

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(Newser) – An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top job. Anyone who bought BofA stock that year, Fortune notes, would currently be underwater on their investment.

And though Lewis’ plan Lewis pre-dates the federal bailout, President Obama’s pay czar could yet take a look at the arrangement—to which Lewis could add more than $70 million in stock and other compensation. “Does the pay czar have the ability to overturn a contract? The answer is no, I would guess,” one analyst tells Reuters. “If it ever gets litigated, it will be interesting to see what a pay czar can do.”

Bank of America CEO Ken Lewis, center, is surrounded by reporters as he arrives at the New York Attorney General's office Feb. 26, 2009.
Bank of America CEO Ken Lewis, center, is surrounded by reporters as he arrives at the New York Attorney General's office Feb. 26, 2009.   (AP Photo)
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13 comments
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Reader64481089
Oct 1, 09 8:34 PM CDT
"Lewis Due a Mere $53M From BofA Pension Plan"... A mere $53 Million??? Poor poor thing, hey, I could do well with 50% of that and have one hell of a good time with it helping other people work by creating real jobs for real people....screw him and the rest of the leaches who screwed this country into the ground Reply
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+3
IN RESPONSE:
Spudsy
Oct 1, 09 9:30 PM CDT
I could do with 1/53 of that.
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+5
Robert_Dada
Oct 1, 09 8:51 PM CDT
What did I tell ya a couple of days ago? The system is rigged in their favor. What are you, as American citizens, going to do about it? Nothing is my guess. Reply
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+1
IN RESPONSE:
Pragmaticrealism
Oct 1, 09 9:27 PM CDT
What are our choices? Violent revolt seems to be the only answer, if in fact the game is already rigged.
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+2
IN RESPONSE:
Jayster999
Oct 1, 09 10:01 PM CDT
Some guy wrote a column to make a case for a coup. You saw how well that went over.
Vote up! Vote down!
+1

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