BofA CEO Flies In Private Jet, Refuses To Answer Questions On $3.6 Billion Bonuses

[linney]

Prison.

 

 

the heck with the pokey! where is the A-Team when you need them??

 

this guy needs some serious A--- kicking for trying to BS the feds!

[Curious]

Not sure if it's so smart (personal safety) for these bank CEO's to be flying around commercial at the moment.

[icozzo]

Ehhh... this is nothing more than a smokescreen. Let's take a moment to do a little elementary math:

 

- A little searching reveals he made about $20.5 million in 2007 not including bonuses.

 

- Let's be conservative and assume he works 40 hours per week, 40 weeks per year (w/ 12 weeks vacation). I'm sure it's likely far less than this, increasing his hourly wage by quite a bit.

 

- Using those values, his hourly wages come to about $12,800.

 

Once you've added the time for airport security checks, boarding, and delays (which can easily add up to 2-3 hours for the course of the flight), the company likely SAVED money by getting him to his destination faster and without the silliness that is the commercial flight industry in the US, even if it cost them $5000 per hour. Once you added the bonuses which probably increased his salary to more than a few million dollars per hour, arguing between $500 and $5000 means nothing.

[hdporter]

I'll chime in and say that travel by corporate jet is just so not an issue. As has been pointed out, you don't tie up the chief exec with hours of airline bs (is there anyone, but the most carefree person here, who relishes airline travel these days ... where even on a near-cross country flight it's not unusual to tie more time up in the airport than the actual flight?). And it's reasonable that they need accommodation to efficiently conduct business in transit ... a laptop is likely insufficient.

 

The real issue on the table is, faced with economic hardship, you don't arrange to buy an absolutely top-of-the-line $50 million jet when a moderately appointed and sized $10mil-$20mil will be adequate. This is like the mayor of a near bankrupt town going out and replacing his business car with a $80K Mercedes, at taxpayer expense.

 

Corporate execs at all levels should be greatly motivated to demonstrate great sensitivity to curtailing business cost. But it's not necessary for them to start taking the bus to attend cross-town meetings in order to do so.

 

But execs like Ken Lewis do need to be taken out to the woodshed. His, "you'll have to pry the name of the bonus recipients (averaging $500k each) our of my cold, dead hands" is an embarrassment. They shouldn't be seeking a supoena for release of the info ... they should be riding his butt out of his office on a rail, replacing him with someone who has stronger sensibilities.

[kevinkev99]

Ehhh... this is nothing more than a smokescreen. Let's take a moment to do a little elementary math:

 

- A little searching reveals he made about $20.5 million in 2007 not including bonuses.

 

- Let's be conservative and assume he works 40 hours per week, 40 weeks per year (w/ 12 weeks vacation). I'm sure it's likely far less than this, increasing his hourly wage by quite a bit.

 

- Using those values, his hourly wages come to about $12,800.

 

Once you've added the time for airport security checks, boarding, and delays (which can easily add up to 2-3 hours for the course of the flight), the company likely SAVED money by getting him to his destination faster and without the silliness that is the commercial flight industry in the US, even if it cost them $5000 per hour. Once you added the bonuses which probably increased his salary to more than a few million dollars per hour, arguing between $500 and $5000 means nothing.

 

 

On a normal day yes. Not on a day you're going hat in hand for welfare.

[tireredsquare]

No wonder I cant get a CLI from BOA. They are blowing all of the government funds on Geronimo like this. Sorry about my language but it true.

 

 

When all else fails vote from the rooftops.

[GEORGE]

YOU CAN DO THE SAME JOB FOR $20/HOUR...go for it