Bank of America CEO gets big raise

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Bank of America CEO gets big raise

Bank of America CEO gets big raise

In the REAL WORLD these things do not ever happen!

AP-

Bank of America gave its CEO a pay package worth $7.5 million last year, six times as large as the year before. It happened while the company’s stock lost more than half its value and the bank lost its claim as the biggest in the country.

The package for CEO Brian Moynihan included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of use of company aircraft and tax and financial advice.

The figures are according to an Associated Press analysis of a regulatory filing Wednesday. In 2010, Moynihan’s pay package totaled $1.2 million.

The board said the stock award to Moynihan was justified because the bank turned a profit after losing money in 2010, and because it ended the year with a stronger balance sheet.

Moynihan, 52, took over as CEO in 2010. Besides the lawsuits, his first year was marked by mounting losses in credit cards and vastly reduced income from checking accounts. Bank of America lost $2.2 billion.

Last year, it fought a tide of lawsuits that cost the company $14 billion. Worried over how deep the mortgage problems were, the Federal Reserve refused to let Bank of America increase its stock dividend.

[ASSOCIATED PRESS]

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