Let’s cut Ken Lewis’s payout

By Felix Salmon
October 8, 2009
the government is in a similar situation:

A Bank of America spokesman disputed both the SEIU's figures - noting the bank received only $45 billion in public assistance.

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Millions of Americans know that Bank of America doesn’t care about numbers in the hundreds or thousands of dollars. It seems the government is in a similar situation:

A Bank of America spokesman disputed both the SEIU’s figures – noting the bank received only $45 billion in public assistance.

Yeah, a mere $45 billion. When the numbers are so microscopic, why should anybody pay attention to $126 million (more or less: after all, these values are all of negligible consequence) which is due to be trousered by Ken Lewis upon his departure?

As for me, I like the idea of Kenneth Feinberg cracking down on Lewis’s payout. BofA isn’t paying for performance, and it’s not like the bank needs has any worries about Lewis disappearing off to a higher-paying rival. The bank’s hilarious attempts to downplay the scale of BofA’s bailout — and of Lewis’s package — only prove how easy this decision really is.

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