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Kenneth D. “Ken” Lewis (born April 9, 1947) is the former CEO, President, and Chairman of Bank of America, the 2nd largest bank in America and twelfth biggest by overall asset on the planet. While CEO of Bank of America, Lewis was noted for buying Countrywide Financial and Merrill Lynch resulting in substantial losses for the bank and necessitating financial assistance in the Government. On September 30, 2009 Bank of America confirmed that Ken Lewis would be retiring from the conclusion of the entire year.
While CEO of Bank of America in 2007, Kenneth D. Lewis brought in a total settlement of $20,404,009, which contained an annual base salary of $1,500,000, a cash bonus of $4,250,000, stocks allowed of $11,065,798, and options allowed of $3,376,000. In 2008, he brought in a total settlement of $9,003,467, which contained a base salary of $1,500,000, stocks allowed of $4,255,012, and options allowed of $2,973,330. In 2009, he brought in a total settlement of $32,171.00 taking no wages, bonus, or stock options. To prevent a confrontation with Kenneth Feinberg, the U.S. Treasury’s special master for damages, Lewis decided to forgo wages or bonus in 2009. On January 11, 2008, Lewis declared that Bank of America would purchase Countrywide Financial for $4 billion saying that it was “rare opportunity” for the business. The acquisition has since been qualified as the worst deal in the annals of American financing having a total price that might exceed $40 billion as opposed to the first $2.5 billion price due to Countrywide real estate losses, legal expenses and settlements with state and federal agencies. Losses associated with the Countrywide acquisition happen to be so extensive that Bank of America had considered the option of setting its Countrywide office into insolvency in 2011.