How Come I Don't Have a $ 53 Million Pension Like Ken Lewis?

Unlike Bank of America's shareholders, Ken Lewis is getting out of the economic downturn and laughing all the way to the bank, no pun intended. Ken Lewis doesn't have a golden parachute, but he will be making a safe landing.

Yesterday Ken Lewis announced his plans to retire at the end of this year. Based on the company's latest proxy statement, he will have $53 million in pension benefits waiting for him when he leaves.

With that he will receive approximately $3.5 million a year in pension payouts for the rest of his life--at a time when people bought the stock when he took the reins in 2001 are underwater on their investments.

After twenty years of service in banking my pension at this point and time amounts to a whopping $13 a month. A far cry for Lewis' $53 million.

I have always been all for capitalism, but lately I feel like things are getting way out of whack. How does one bank employee end up with a measly $156 a year and another get $3.5 million? When one is the President of the company and one of the financial elite and the other a subordinate. But how does the president of the company get a big payday when the company still owes TARP money and the company stock is less than half it's year ago price and remains below its level when Lewis took over in April 2001?

In Lewis' announcement letter to his fellow associates he addressed that some would suggest that he was leaving under pressure or because of questions regarding the Merrill deal. He said simply that it was his decision, and his alone.

All this reminds me of when Alan Greenspan retired from the Federal Reserve just before the economic crisis began. When Greenspan was later asked what happen to the economy he responded with a playing dumb, "I don't know." Of course he knew. I knew. Anyone in banking should have known. Greenspan just simply got out when the getting was good.

Is Lewis doing the same thing? Lewis' says he is doing this on his own, but is he too getting out when the getting is good? In his announcement letter he also said, "The next two quarters will be difficult".

What does difficult mean? Bank of America stock was down .71 cents today. Is it heading all the way down to it's low of $2.53.

I have a feeling that just like Countrywide's former leader Angelo Mozilo, Ken Lewis will be doing the same disappearing act after he leaves.

Even with companies getting rid of golden parachutes are big pension plans the way to go? But is it fair for company executives to get this kind of payoff? Sorry, I mean payout, when a company is still wounded. Let us hear what you think.