U.S. cuts pay at bailed out firms, BofA hits back

10-23-2009 • Reuters

The U.S. pay czar on Thursday slashed compensation for top earners at seven bailed-out companies for the final two months of the year, and was immediately slammed by the country's largest bank which claimed the cuts could send talent fleeing.

Many of the firms, which have together received more than $300 billion in taxpayer aid, issued conciliatory statements, but Bank of America said the ruling would put it at a disadvantage in competing with companies not under the pay czar's thumb.

1 Comments in Response to U.S. cuts pay at bailed out firms, BofA hits back

Comment by William1950

Entered on: 10/23/2009 8:03:01 AM

I find it interesting that the supposed to be best and brightest are also the ones who made the mess. As you follow that line of reasoning it suggests that what we are losing are not the best, nor the brightest, but crooks that are good at manipulating a system filled with either very stupid people or insider buddies.

So! What would happen if you removed the top five levels of these bankers, with perhaps that they lose all money and retirement and replaced them with graduates from the west and mid west universities. Would you then have people who understand accounting and be legal or would you just have more crooks!

middleamerican2010

Casey

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