Fired BofA execs get $11M golden handshake

[steve2470]

http://www.bizjournals.com/boston/news/2011/10/10/fired-bofa-execs-get-11m-handshake.html

Bank of America(NYSE: BAC) has plans to lay off tens of thousands, but at least two of the workers it’s cutting won’t have anything to complain about.

Bank of America is shelling out $11 million in severance to dismissed BofA executives Sallie L. Krawcheck and Joe L. Price. The two were dismissed Sept. 6. Krawcheck, formerly president of global wealth and investment management, will receive $6 million. Price, formerly president of global consumer and small-business banking, will receive $5 million.

The payouts were detailed in a regulatory filing posted by Bank of America Friday. The separation agreements were reached on Thursday, Oct. 6, according to the filing.

Krawcheck’s payout includes one year’s pay and benefits, equal to $850,000, plus a lump-sum payment of $5.15 million. Price is also to receive a year’s worth of pay and benefits, worth the same amount – plus $4.15 million in a lump-sum payment.

*end of excerpt from October 10th*

And the conservatives and Republicans and 1 percenters wonder why the rest of us are angry ?

*shakes head*

[Mz Pip]

1. Wouldn't want the poor guy

to have to collect unemployment along with all the rest of the poor people who've been fired.

[Initech]

If I get fired all I get is to clean my desk and GTFO.

Sometimes we don't even get the luxury of cleaning our desks... :grr:

[demosincebirth]

2. I'm lost for words. nt

[nichomachus]

3. "Won’t have anything to complain about."

How much do you want to bet they'll complain

[aquart]

4. Guillotine.

[Rambis]

5. Love it how they get the golden handshake the golden parachute

we get the golden shower:eyes:

[DirkGently]

6. Ouch. Scarcely enough for decent private retirement islands. No wonder they need the ATM fee.

[RaleighNCDUer]

7. What ever happened to the idea of being fired being a punishment?

If they fuck up, show them to the door with two weeks severance pay.

And if they REALLY fuck up, send them to JAIL.

What a concept!

[aquamarina]

8. Geeeeeeezzz and they wonder why the 99% are pissed.