Compliance

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No Salary, Bonus for Ken Lewis

Bank of America CEO Kenneth Lewis will receive neither a salary nor a bonus for 2009—a decision arrived at by U.S. government pay czar Kenneth Feinberg.

According to a Bloomberg report, "Lewis felt that it was not in the best interest of Bank of America to get involved in a dispute with the pay master," spokesman Robert Stickler said yesterday in an interview.

Lewis has been taking heat for the controversial takeover of Merrill Lynch for not disclosing bonuses and losses to shareholders before the acquisition. He is at the center of investigations by the SEC, various states attorneys general and Congress.

Lewis' base salary was $1.5 million for the past three years. Due to Feinberg's ruling, he must return wages already received in 2009, Stickler said. He declined to comment on whether Feinberg is seeking to reduce Lewis's approximately $125 million of retirement benefits accumulated in 40 years at the company, said Bloomberg.

The entire article can be found at Bloomberg.com.

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