No pension to Bank of America chief: Union to govt

An American labour lobby has asked the government not to provide retirement package to the outgoing Bank of America chief executive Kenneth D Lewis.

Service Employees International Union said in a letter to the Obama administration's 'pay czar' Kenneth Feinberg that Ken Lewis and other executives at banks supported by taxpayer money should be prevented from receiving any retirement or severance package until the banks commit to stop foreclosures.

Describing Lewis as one of the "chief architects of the most severe economic crisis since the Great Depression", the letter said he would be leaving with $126 million, including a $53.3 million pension.

"Taxpayers have already provided nearly $200 billion in bailouts and backstops to Bank of America. This enormous public investment entitles taxpayers to have a say in the bank's executive compensation practices," the letter said.

Last week, Lewis said he would be stepping down as chief executive of the bank with effect from December 31, 2009.

In April this year, irate shareholders had voted to oust Lewis as chairman of the company. He was severely criticised for troubles at BofA forcing it to seek two federal bailouts.

"Despite helping to drive us into one of the worst financial meltdowns in history, it's been revealed that BofA plans to send Ken Lewis out the door with a $53.3 million pension on top of the hundreds of millions he's already made during his failed tenure as CEO," the letter added.

Image: Kenneth D Lewis