Saturday, November 14, 2009
Isn't this special
According to the NY Times:
Bank of America Corp'sWhat is unsaid in this article is that declining this position is an admission that these candidates know they are not capable of running and improving a troubled bank. Even though they know that if they succeed, they can shower themselves with riches beyond their wildest dreams. It's gotta make their shareholders wonder.search for a new chief executive has been hurt by federal pay limits that played a major role in the senior vice chairman of PNC Financial Services Group Inc spurning feelers from the company, the Wall Street Journal reported on Saturday...
...Bank of America has argued the added regulation, like the pay czar's compensation limits, hurts its ability to compete with other financial firms.
Those limits are expected to be in place for any successor to Kenneth Lewis, who is scheduled to retire at year end and gave up his 2009 salary and bonus at Feinberg's request...
...Bank of America's next chief faces a bevy of operational, regulatory and political challenges.
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