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Location: Oaksterdam, California

Wednesday, May 26, 2004

Please God let me get a severence like this...Otherwise, just help me get a job...

I was a BofA employee back when they sold out to merged with Nations Bank. The new management in Charlotte instituted an unwritten policy of not hiring people with San Francisco accents which meant "no gays allowed"

But this story really gets my Goat:

BofA exec takes $25 million in severance
Former Fleet executive to leave in June
by RICK ROTHACKER -Staff Writer

After less than two months on the job, Bank of America Corp.'s president on Monday announced plans to resign next month, and he'll take a $25 million severance package with him.
The Charlotte company said Monday that Eugene McQuade, 55, plans to resign June 30 to pursue "new challenges." He previously had been president and chief operating officer at FleetBoston Financial Corp. before helping engineer the April 1 merger with Bank of America.


From the Fleet contract, he gets $7.8 million in severance, partly in cash and stock grants, and another $4.6 million under Fleet's former retirement plan. From the Bank of America agreement, he gets a $2 million pro-rated bonus for his work through June 30 and $10.5 million in severance, which is two times his base salary and highest annual bonus in the last three years.
McQuade also receives office and administrative support through year's end.
McQuade was one of four Fleet executives to sign an employment agreement with Bank of America and the highest paid, making a salary of $1.25 million. Under the agreement, he was eligible to receive his severance package if he was terminated other than for "cause," death or disability, or if he left for "good reason." A Bank of America spokeswoman said his departure was deemed "good reason."
In the merger, Bank of America is eliminating 12,500 jobs, or 7 percent of its combined work force, to cut costs. Some Bank of America employees have been angry that former Fleet workers are receiving better severance pay.

(Emphasis Mine)

Don't worry! The economy is experiencing faster growth than ever before. If you don't believe that: Alertalertalert, there are terroists already in the U.S. planing to attack somewhere, sometime, somehow, and with something...