It's good to be a (Bank of America) banksta

at a time when bank of america is widely seen as one of the most voracious plunderers in the world, how can its ceo allow this to happen...? oh, wait... it's going in to his own pocket... well, how can the board of directors allow it to happen...? how can the shareholders allow it to happen...? how can we as citizens allow it to happen...?

Bank of America CEO Brian Moynihan's pay quadruples

In a year when Bank of America’s stock plunged 58% and the company announced plans to lay off 30,000 employees, chief executive Brian Moynihan’s compensation package more than quadrupled to nearly $8.1 million.

Here’s why: In 2011, the Charlotte, N.C.-based bank recorded $1.4 billion in profit after losing $2.2 billion the year before. So far this year, the stock is up more than 70%.

So although the bank’s compensation and benefits committee kept Moynihan’s salary the same at $950,000, he also landed $6.1 million in performance-reliant stock. Then there’s the $420,000 worth of tax and financial advice, along with use of the company’s aircraft, that’s also part of his package.

Along with various other components, Moynihan will have made nearly 317% more last year than the $1.9 million he pulled in during 2010, according to a BofA filing Wednesday with the Securities and Exchange Commission.

yes, that's the bank of america ceo collecting almost 4 times what he collected the previous year, the ceo who heads a bank about which matt taibbi says this...

Matt Taibbi: Bank of America Is a “Raging Hurricane of Theft and Fraud”

There are two things every American needs to know about Bank of America.

The first is that it's corrupt. This bank has systematically defrauded almost everyone with whom it has a significant business relationship, cheating investors, insurers, homeowners, shareholders, depositors, and the state. It is a giant, raging hurricane of theft and fraud, spinning its way through America and leaving a massive trail of wiped-out retirees and foreclosed-upon families in its wake.

The second is that all of us, as taxpayers, are keeping that hurricane raging. Bank of America is not just a private company that systematically steals from American citizens: it's a de facto ward of the state that depends heavily upon public support to stay in business. In fact, without the continued generosity of us taxpayers, and the extraordinary indulgence of our regulators and elected officials, this company long ago would have been swallowed up by scandal, mismanagement, prosecution and litigation, and gone out of business. It would have been liquidated and its component parts sold off, perhaps into a series of smaller regional businesses that would have more respect for the law, and be more responsive to their customers.

i guess it's time to revive my post from last november, an ows spoof on the Geto Boys’ 1992 song “Damn it feels good to be a gangsta”...

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