Friday, October 2, 2009

Good thing I didn't type this yesterday

I probably would have used foul language since I was so dumbfounded about the fact that Ken Lewis of BofA was getting a $53M retirement package. He had been at BofA's helm for 8 years. (See CNN article for more details). He trashed BofA's stock, and architected a poorly conceived merger with Merrill Lynch.

The guy pretty much fleeced the company, and is now walking away smelling like a rose. Meanwhile 35,000 employees were laid off. Nice.

Penny and I discussed this last night, but I'm still upset. Capitalism started off as a good idea, but has turned into greedy excess. Work hard, make money. Somehow that's changed.

Now it's slash your way to the top, and collect an exorbitant amount of money from each company you run. Do it a few times, and then call it good. Robert Nardelli, anyone?

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