Proof That Crime Does Pay, Actually Very Well If You Are A Too-Big-To-Fail Bank CEO

Bank of America CEO Brian Moynihan received a hefty pay increase in 2012. It’s reported that the CEO of America’s poster child for mortgage malfeasance received $11.1 million in stock with a base salary of $950,000, bringing his total 2012 compensation to roughly $12 million. The news comes on the heels of numerous settlements between the bank and regulators which have helped to keep the bank operating as a viable entity, while also helping the bank’s executives avoid any criminal prosecutions along the way.  See this, this and this.

This news of Moynihan’s big pay day will certainly come as no surprise to William Black, the country’s premier white collar criminologist and expert on accounting control fraud.

Welcome to the Banana Republic!

No comments yet.

Leave a Reply