Thursday, April 19, 2012
Don't be. Even though the bank reported a massive drop in first-quarter profits, they still made $653 million dollars in just the last three months, so they are probably not doing too badly with the money1 they took from American taxpayers to bail themselves out of their own mess.
Their shareholders aren't so happy, but the CEO is doing great, according to the LA Times, Chief Executive Brian Moynihan's compensation has been more than quadrupled this year to $8.1 million per annum.2
How do young folks entering the job market feel about this kind of thing? Read this screed in the Arizona State University college newspaper, The State Press, for some insight. Hint: they're bent.
1Bank of America borrowed and repaid in-full $45 billion from the U.S. Treasury.
2You know how that goes, lower the CEO's pay when under scrutiny, raise it back when you think no one is looking.
Labels: Ethically questionable