Bailout Watch #12: Secured parking for Bank of America exec

Bank of America, the recipient of $45 billion in taxpayer bailouts, recently announced it is raising interest rates for millions of U.S. cardholders who carry balances. As of year-end 2008, Bank of America had $166.3 billion in outstanding credit card balances, ranking second only to JPMorgan Chase, with $183.3 billion, according to The Nilson Report, a newsletter covering the credit card industry. 

While tough times apparently dictate extracting more cash from its customers, the bank nevertheless remains generous with perks to its top executives, as we pointed out last month. 

Following its tradition in past years, the bank also picked up the tab for security-related costs on behalf of its highest paid execs in 2008. CEO Kenneth Lewis received $13,791 to cover home security and secured parking costs. For other top-paid officers, here’s what employer-paid security expenses came to: 

• Joe Price, chief financial officer: $10,136.
• Barbara Desoer, president of Bank of America’s Mortgage, Home Equity and Insurance Services: $13,099.
• Liam McGee, president of Consumer and Small Business Banking: $4,856.

—Andrea Rock

Comments

[John Griggs]

To end this recession, we need more businesses that actually produce value for their customers. Bank of America does not do that. This company rips off their customers with high interest rates and overdraft fees. Then they get $45 billion in bailouts, and they are STILL in trouble. This is pathetic.