Bank of America Calls Obama An Outlaw
This is shocking. In a discussion of whether the new pay-czar’s authority extends to outgoing CEO Ken Lewis’s expected $69 million pay-out, Bank of America spokesman Bob Stickler declared Barack Obama’s presidency outlaw.
Lewis, who announced last month that he will retire at the year’s end, will still have $53 million in pension benefits waiting for him. The outgoing chief will also have other stock awards and deferred compensation for a total $69 million payout, said Stickler.
Feinberg does not have authority to modify compensation awarded before 2009, which includes Lewis’ retirement package and stock holdings from a four-decade career at the bank.
But Stickler asked, “Since when does law apply to this administration?” As a result, he said Bank of America is unsure whether or not Lewis’ retirement package is under review by the government.
Will House Financial Services Committee chairman Barney Frank call Mr Stickler up to Capitol Hill to ask him exactly what laws he thinks the Obama Administration has violated? This accusation should not go unanswered, especially when it comes from a taxpayer-bailed-out bank.
Stickler certainly sounds aggrieved; why not give him a witness chair and let America hear his objections?