Chief Executive Officer of Bank of America Kenneth Lewis, who will retire Dec. 31, 2009, will not receive payments in 2009, writes Washington Post. Under the agreement, under discussion with the U.S. government, it is required to return to the bank about $ 1 million.

A special officer of the presidential administration - salary king "Kenneth Feinberg suggested that Lewis was not paid no salary, no bonuses for 2009. The head of bank accepted the proposal as "not in the interest of Bank of America to argue with the" king of payroll, "said bank spokesman Robert Stickler.

Kenneth Lewis, the annual base salary which is 1.5 million dollars, will have to return about $ 1 million already received in this year's money, the report said.



In late October, Feinberg must publish the rules that will be paid the salary guide seven companies that received large amounts of state aid during the last crisis. In addition to Bank of America is AIG, General Motors, GMAC Financial Services, Chrysler, Chrysler Financial and Citigroup.

However, it is expected that he will ask all the heads of these companies refuse to receive the money, the article says. Decision on Lewis due to the fact that he leaves the bank and is entitled to substantial monetary payments, the source told the newspaper. At the end of last year, CEO Bank of America has received in the form of various compensation 64 million dollars. Including 53 million dollars of pension benefits and deferred compensation of approximately $ 11 million. A "salary king" has no authority over the pension package, although it may give an advisory opinion on its appropriateness.

While Feinberg talks with Bank of America are preliminary, according to the source, as discussed, is whether the "salary king" powers to have to offer Lewis received back wages.

Kenneth Lewis, who has worked for the post of general director of Bank of America 8 years old, of blaming the fact that in developing the company, he made a bet on the U.S. just before the country's financial crisis began, the newspaper Financial Times. State Autorities United States, including the Securities and Exchange Commission and prosecutors in New York, started several investigations against Lewis and Bank of America once the bank absorbed Merrill Lynch late last year. Officially, the bank said that the resignation is not related to investigations and trials. Previously, the Commission on the U.S. Securities and Exchange (SEC) reported that the bank will be fined 33 million dollars for having deceived investors.

The scandal over cheating investors broke even in the beginning of the year. Bank of America during the absorption of the former investgiganta Merrill Lynch promised not to pay bonuses to managers of the bank up to 2008, but paid the leadership of the bank absorbed 5.8 billion dollars of bonuses. SEC found that the way Bank of America cheated investors, because the amount of premiums was essential. As a result, the bank agreed to pay a fine imposed SEC.

Bank of America, faced with serious problems because of the financial crisis in the U.S. and the world, was singled out one of the largest state credit in the U.S. - 45 billion dollars. He is not the only one of the major banks and companies who supported the state. But it is not moderated salary and bonus appetites mendezherov.

The leaders of the largest companies received in recent years, much more than 500 thousand dollars a year, counted the International Herald Tribune. Thus, chief executive officer of Bank of America Kenneth Lewis earned in 2007 more than 20 million dollars, of which 5.75 million dollars were wages and bonuses. Citigroup head Vikram Pandit, has taken over the post in December 2007, received in the same year 3.1 million dollars. But earlier this year, top-menedezher Citigroup said that it will work for 1 dollar a year, while the bank will not return to profitability. Example of his colleague Lewis did not intend to follow.

Revenue chief executive officer of General Motors Rick Wagoner was in 2007, 14.4 million dollars, however, a significant portion of the amount was paid in shares and options. Dengi financial Wagoner received 1.6 million dollars.

According to the Institute for Policy Studies (IPS), the average bank CEO received 430 times more than the average worker. This total payment of the first 5 top managers of 20 banks over the last 3 years amounted to 3.2 billion dollars: for 1.2 billion dollars in 2006 and 2007. and $ 800 million in 2008. The average compensation package of heads of such banks as Bank of America Corp. and Wells Fargo & Co., in 2008 was 13.8 million dollars. From 2006 to 2008, five top executives at 20 banks, which fell the bulk of state aid received by 32 million dollars each as personal compensation.

The gap this year may increase even more. Companies from Wall Street can pay their managers a record $ 140 billion, despite attempts by regulators to control the system of remuneration for the financiers. Growing share platforms, and together with them and the banks' profits. Moreover, banks do not want to lose their best top-managers.

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