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(Daily Sparks Tribune)   Magificent example of corporate greed: After couple of months on the job, Bank of America exec getting $25 million severance as he resigns to pursue "other interests"   ( divider line
    More: Sick  
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13677 clicks; posted to Main » on 25 May 2004 at 5:42 PM (13 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

293 Comments     (+0 »)

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2004-05-25 05:57:19 PM  
I hope the "Other interests" he pursues will be the
next CEO of McDonalds.​l?partne r=yahoo&referrer=
2004-05-25 05:57:50 PM  
frkk b-of-a and their annoying commercials.
I hope they lose all their customers.
2004-05-25 05:57:54 PM  
I used to be a "bank teller" at Bank of America. For those of you who are too young to remember, you used to be able to talk to human beings at the bank. At any rate. Because ATMs were taking over, they wanted us to sell things to the customers to justify our existence. I refused. As a direct result, customers preferred me, and actually said, "Thanks for not trying to sell me a credit card today, I mean, how many times...?"

Needless to say, I was fired. It went something like this:

"Cindy, we need you to upsell to our customers. Our records indicate that you're not doing very well on your quotas."

"That's because I refuse to ask people to go further into debt--it's one of America's worst problems. Besides, I just read in the company newsletter that we made $6 Billion last year!"


/hates B of A
2004-05-25 05:59:00 PM  
Why is that farkin' greed?

You're kidding, right? That's a joke, right?

/suddenly scared
2004-05-25 05:59:12 PM  
[I think the crime is that some farkers don't have $25 million.]

Then they should work harder. Or marry rich. Either way, the class warfare on Fark that articles like this brings out gets annoying sometimes. Frickin' socalists.

[boo hoo. If I were a shareholder, I'd be pissed, though.]

And they're the ONLY ones with the right to be pissed. Everyone with bank account envy should quit biatching about what everyone ELSE is doing.
2004-05-25 05:59:31 PM  
Hey, it was in his contract. In any case, I'm guessing he "resigned". Poor guy, how's he going to live on a measly $25M?

*works at B of A's competition, mentioned above*
2004-05-25 05:59:39 PM  
glad to know my pretty much weekly $28 overdraft fees are paying for something

Stop spending more than you make. Learn now, because soon we'll make being poor a crime, and ship you off to a fine Wackenhut facility to work off your VISA bill at $1/hour, making frappucino machines destined for Starbucks and the houses of the wealthy and deserving. Remember, if you were truly motivated you'd have negotiated a better wage with your employer, mano-a-mano, therefore your overdrafts mark you as lazy and subhuman.
2004-05-25 06:00:05 PM  
maggot. fark corporate life.
2004-05-25 06:00:10 PM  
Nice to see how many idiots didn't read the article, and just read the Fark headline.

He worked at FleetBoston for years. Bank of America bought them. So, sure, technically he was at BofA for a few months- like EVERY FleetBoston employee!

Sorry. The reality is he essentially was at the job for years.
2004-05-25 06:00:32 PM  
Oh crap, Weaver is having another slow day at work.

/leaves fark until later tonight when weaver gets home and can't get online
2004-05-25 06:01:51 PM  

Just so you know, that image you posted had nothing to do with the jews. The image is that of a character named "Amelia" from and anime series titled "Slayers" the spelling "Ameria" was due to the direct translation of the japanese characters in her name.

Hope that killed some confusion.

Also, I wish I had never joined Bank of America... Evil bastards...
2004-05-25 06:02:00 PM  
lol yeah "referrels". I feel bad doing that to anyone. I find apathy and a good internet connection halts MY productivity.
2004-05-25 06:02:59 PM  
[/leaves fark until later tonight when weaver gets home and can't get online]

Actually, I have a better system at home than I do at work - I just use it for the only reason God gave us computers: hosting my very own neverwinter nights server.
2004-05-25 06:03:11 PM  
Read TFA...

still feel the same way.
2004-05-25 06:03:22 PM  
2004-05-25 05:59:00 PM ManMan


It sounds like some pompo remark our most annoying trolls would spew.

Seriously, though this is BULLshiat...the stockholders and the customers should have something to say about it...

BOA sucks anyway. So do most if not all major banks.

Maybe a few advantages like the ATMs or use of the debit card, but I've lost way more money to their retarded "overdrafts"...some of us just ain't as financially solvent sometimes, especially last year...
2004-05-25 06:04:00 PM  
Bet no one else who will be show the parking lot, box in hands, who worked for FleetBoston will be show any such generosity.

Given time, I bet we will again speak to a human at the drive thru...some Indian speaking broken English from a call center over a video conference link.
2004-05-25 06:04:31 PM  
I dunno, maybe people should read the article before commenting.

Basically, this guy was laid off like the other Fleet employees, except he was given a bigger severance package.

If you read between the lines, this guy was clearly forced out, and that was his bribe/buyout, whatever you want to call it.

It could be worse. He and the rest of the Fleet execs could have stayed on, then you have countless executives pulling down a salary.

In fact, if you go further, these guys have contractual options for buyouts in case their job disappears. Perhaps this guy could have made 25 million over the next 5 years, but now that his job has been eliminated...look at it as a poison pill. BofA took it to acquire Fleet.

If you work hard to build yourself into an executive at a top company, wouldn't you protect yourself from having your job eliminated? Just like people who join unions? I guess it's different because executives are fewer and far between, and far more educated, connected and skilled...they are somehow less deserving.

I thought the tenet of unions was "to get a fair wage", right? Well, for as overpaid as this guy may (or may not) have been, many union employees are also overpaid. It's just easier to pick on him...and it's also hypocritical.
2004-05-25 06:04:37 PM  
[Line this farker up and shoot is ass.]

Funny thing - every time some country shoots all it's bankers, they have huge economic problems. Go figure.
2004-05-25 06:05:34 PM  

2004-05-25 06:05:52 PM  
For you posters that get a registration link or didn't RTFA. He was CEO of Fleet. Fleet merged with BofA. 2 Months later, he bailed.
2004-05-25 06:05:53 PM  
I bet this is the jerk buying up all the Phish tickets on Ebay...

/all good things come to an end
2004-05-25 06:06:18 PM  
Fire 12500 people to make 25 million? Meh - that's only 2 grand per employee - how long could they live on that, anyway? Better to let it trickle down to the yacht makers, private jet manufacturers, bank presidents and luxury hotel owners - who really need the money.

/not sarcasm

/Okay - it is
2004-05-25 06:06:42 PM  
Good lord, If I could get someone to offer me a contract like that you bet your sweet butt I would take the money and run. If you read the article it says that the merger wouldn't have gone through unless some guys went with the merger, this guy being one of them. I guess BOA figured that the deal was worth more than 25 mil. Suckers.
2004-05-25 06:06:42 PM  
Got me Weaver. Funny.
2004-05-25 06:07:25 PM  
He previously had been president and chief operating officer at FleetBoston Financial Corp. before helping engineer the April 1 merger with Bank of America.

while a $25 mill severance is pretty nutty, a "couple months at the bank" is a bit of a lie.
2004-05-25 06:07:33 PM  
"It seems big to me and you, but it's not atypical for a golden parachute,"

I WANT A GOLDEN PARACHUTE TOO!!! Instead I get Social Security and my own 401K and Roth IRA if the bastards don't take that away from me in 35 years when I am ready to retire. Somehow I think that is EXACTLY what they are going to do. Anybody got any coffee cans and a spade?
2004-05-25 06:07:51 PM  
I still don't see what anyone's complaint is with this. He didn't steal anything. He didn't lie under oath, or mis-direct funds or bilk his shareholders. He left and took his golden parachute with him. All above board, all nice and legal.

Where's the complaint?
2004-05-25 06:07:53 PM  
Funny thing - every time some country shoots all it's bankers, they have huge economic problems. Go figure.

Yeah, but they're different huge economic problems from the ones the bankers were causing. Sometimes you just need a change. Besides, shooting people is fun and extremely cathartic.
2004-05-25 06:08:14 PM  
And how many people did he outsource to India?
2004-05-25 06:08:18 PM  
Anagrams of "Bank of America". Set conspiracy shields to maximum:

2004-05-25 06:08:57 PM  
I RTFA and it still makes me want to punch capitalism in the face.
2004-05-25 06:09:20 PM  
Good on him. All you who are biatching about it are obvioulsy not smart enough and/or driven to be a CEO. If you were you would realize this is just the way it works!

/Owns own company.
//Cant get fired!
2004-05-25 06:10:37 PM  
Ah I see the typical Fark commies are bashing as usual. Jealousy is rampant when your waiting tables.
2004-05-25 06:11:53 PM  
Lina Inverse should kick his ass.
2004-05-25 06:11:58 PM  
Amazing. Simply amazing.

He should be commended for getting rid of 12,500 jobs. If they are gone, maybe they weren't necessary and those 12,500 people can do something besides suck up extra fees.

Let's put it this way:

$25,000,000 / 12,500 = $2,000.

If each of these people make $40K/year this guys severance would pay for about two weeks of work each (don't forget they have to pay taxes too!). By removing these jobs he saved the bank (assuming $40K/employee, plus the 25% hidden taxes like SS, etc)

$50,000 * 12,500 = $625,000,000

625 million.

Net savings to shareholders, account holders, etc of merger:

$625 million - $25 million = $600 million.

And you want to shoot him.

Morons. Try and use your brains, sheeple.
2004-05-25 06:12:11 PM  
Its a natural cycle of consolidation brought about by over regulation. Small businesses can't meet compliance requirements, so there are no new entrants into the market. Eventually the remaining businesses change strategies from customer satisfaction to market ownership made posible by this change or in reaction to consolidation of competition.

Want to change this dynamic - remove the barriers to market entry for a new business. (regulation) However, then you wind up with situations like Enron - (which did fix the problem) be careful what you wish for.
2004-05-25 06:12:12 PM  
[I RTFA and it still makes me want to punch capitalism in the face.]

Odd. My reaction was to hug my checkbook and go over my plans for corporate domination of our IT department again.

It's nice to have confirmation that the system works as it's supposed to...
2004-05-25 06:12:32 PM  
He had a "contract" with Fleet that carried over to the B of A merger. The famed "golden parachute". So the company was contractually on the hook to pay out regardless of whether they thought he was "worth it".

The question is, why do they get into those agreements in the first place? I think most corporations would contend that it is necessary to provide those golden parachute contracts up front in order to attract and retain executive "talent". But I don't know if it has ever been proven that the $25mil guy can run the show better any better than the $250k guy.

A lot of the compensation is probably in stock options too. The stockholders end up paying for it in the end by diluting their ownership. But if an exec can raise their share price from $50 to $100 then maybe it is worth it to the stockholders to have their equity diluted by 5 cents a share when the exec cashes in his options. On the other hand the stock may have risen in spite of, not due to, the exec's prowess (or lack thereof) so it is not a perfect incentive by any means.

I used to work for a NYSE-traded bank that got bought out about a month after it hired a new executive. I know that guy must have had a massive golden parachute in his contract. The fleet guy at least had some tenure pre-merger, but in the case of the bank I was at, the guy literally cashed in after a month or two on the job and basically adding zero point zero to the bottom line.

Not as bad a Richard Grasso's (ex NYSE chief) retirement package. Though looks like the NY Atty General is on him pretty hard about that now and he will have to give much of it back.
2004-05-25 06:12:34 PM  
[image from too old to be available]

Eugene McQuade, Bank of America, President and Head Prick
2004-05-25 06:12:54 PM  
For everyone whining about corporate greed and the libertarian ideology, consider for a moment...

Under the same ideology you have the options to either try to get into big business yourself, which you won't if you don't have the skills required, the mental and emotional capacity, and yes, I admit, the luck. But can any of you honestly tell me that you would turn into utter philanthropists over night if you suddenly had $25 million? Trying pulling the other leg.

Now, you are, of course, also free to try to take anything you desire by force. If everyone got together and united you could have a revolution and overthrow the order of things...and of course most might try to stop this, but if someone threatened your interests you would probably try to stop them, too.

Now accept human nature and move on, please.
2004-05-25 06:15:27 PM  
2004-05-25 06:12:54 PM Sid_6.7

Sorry but I'd rather have knowing that there's just something really WRONG about this.

Don't be waving the cash in front of my face. You can't second guess me...
2004-05-25 06:16:37 PM  
[Sorry but I'd rather have knowing that there's just something really WRONG about this.]

I'm curious - what is it that you think is 'wrong' about this? From what I can see, everything is working correctly.
2004-05-25 06:16:39 PM  
How do I get in on this corporate greed thing?
2004-05-25 06:16:45 PM  
Oh yeah, for the people complaining about overdraft fees.

If that isn't the height of comedy. I DON'T KNOW WHAT IS!

Do you know you don't have to pay them if you don't write bad checks? Your local adult education classrom probably has a class on balancing your checkbook.

Yes, I've bounced a check before. No, not in the last five years, and never regularly enough to be concerned about the overdraft charges.
2004-05-25 06:17:29 PM  
Before I RTFT, my guess is that a bunch of tech geeks have denounced this and bemoaned the outsourcing of their jobs.

To them I say, get another degree. One that pays $25mil for two months sounds like a good one to get.
2004-05-25 06:17:54 PM  
2004-05-25 06:04:00 PM djinarl
Bet no one else who will be show the parking lot, box in hands, who worked for FleetBoston will be show any such generosity.

Given time, I bet we will again speak to a human at the drive thru...some Indian speaking broken English from a call center over a video conference link.

Irony? Sarcasm? Explanation by example?
2004-05-25 06:17:58 PM  
How do I apply for this possition? =)
2004-05-25 06:18:16 PM  
Jeebus H Farking Christ Fnord.

New keyboard, monitor, window, and office building please?
2004-05-25 06:18:41 PM  
My issue is his annual salary is (don't make me look it up again) something around $1.2 million and yet he gets $25 mill for a severance package.

This was in case he couldn't find another job in roughly 25 years or what?
2004-05-25 06:19:34 PM  

$25m for two months is ridiculous on anyone's scale. Sorry.
Comparing that number to the payroll of 12,500 people makes no sense (you could also say they could have kept on 625 of those laid off for a another whole year for that $25m). Put it this way, had they hired a huge consultant to help with the firing it would have been a lot cheaper.
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