Economy

October 23, 2009

Pay czar Feinberg rejects Bank of America's compensation plan

The federal pay czar Thursday rejected Bank of America's proposed compensation plans for top executives, including an initial pitch for up to $12 million for chief executive Ken Lewis, calling the Charlotte bank's proposal too generous. Even so, nearly all of the bank's top executives are still in line for $3 million to nearly $10 million in total compensation for 2009 if they meet performance goals. The exception is Lewis, who last week agreed to the government's demand that he give up his pay for the year.

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