The Pay Czar should go after Ken Lewis's $125 million payout


Does anyone who hasn't cured cancer, starred in a YouTube video or can hit a home run out of Yankee Stadium deserve $125 million? It's debatable, but paying such a large amount of money to retiring Bank of America Corp. (BAC) Chief Executive Ken Lewis is simply wrong.

Lewis, whose bank received $45 billion in federal bailout money, is entitled to receive such a gargantuan sum under the terms of his employment agreement, according to Reuters. His severance package includes $53.2 million in retirement benefits, mostly from a program frozen years ago, and $72.8 million in accumulated stock and other compensation, consultant James F. Reda & Associates told the news service.