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A CEO who earned it!

Every once in a while I read about top CEO salaries and realize I'm still human and that beautiful Bugatti I've been eyeing will have to wait for another day to own my garage. Even with dramatically dismal displays of poor performance and unproven proficiency for profitability, some CEO's across-the-Country (get the pun?) rake in millions upon millions while shareholders take a bath and average employees receive hit the unemployment office.

It was with great pleasure that I read this paragraph in a CNN.com article about BofA earlier this week:

"Those specific [subprime] problems haven't extended to Bank of America, which exited the subprime lending market in 2001 when Lewis took over as chief executive. The bank called it a business that had "become unattractive from a risk-reward standpoint."

Now there's a CEO who was on the ball and probably earned more than his highly paid counterparts...at least on paper he probably saved BofA billions.

Now...if only I could figure out how to make the payments work for that Bugatti...anyone up for a SISA loan on a highly mobile...and I mean HIGHLY MOBILE...asset? :)

Here's the full CNN article: http://money.cnn.com/2007/10/25/news/companies/bofa_mortgage.ap/index.htm?postversion=2007102517

Posted by Jason Romrell on 10/25/2007 05:35 PM

Comments (5)

bank of america, subprime, ceo, compensation, countrywide

5 Comments on A CEO who earned it!

Very cute, Jason. I don't think you'll have any problem getting that loan, but you won't be able to go to BofA.

10/25/2007 06:01 PM

by Robin Willis, Tucson's Expert Agent, Realty Executives (Realty Executives Southern Arizona)

Robin, Thanks for commenting. I think BofA should make the loan...after all, I was sincere in complimenting their CEO. :) Too bad they're not hiring.

Now...on to more serious topics. I read your bio on AR and it ROCKS! You have a great business persona. Arizonans are fortunate to have you on their side.

10/25/2007 06:40 PM

by Jason Romrell (Business and Success Coach)

Jason,

CEO's should be paid for performance and judging by BofA's 3rd quarter earnings he didn't exactly earn it. Maybe I heard it wrong but didn't they just announce they'd be sending a few thousand employees scrambling to the unemployment line?

I do like the car though!

10/26/2007 08:33 AM

by Brian Brumpton, Boise Idaho Real Estate Professional. (Keller Williams Realty of Boise)

Brian, I agree that CEOs should be paid for performance. I was being a bit sarcastic when I said "A CEO who earned it"...I've always been amazed at how much some CEOs are paid. But in this case, considering the near-druglike addiction some lenders had to high-profit high-risk loans, you gotta give it to Lewis for not getting buried by subprime. Maybe his compensation was tied to what he didn't lose because of this good judgment call from way back in 2001!

Hope biz is going well for you. I actually received one of your direct mail pieces at my home in Eagle. Very professional...great image you portray.

10/26/2007 10:50 AM

by Jason Romrell (Business and Success Coach)

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