Ken Lewis & No Pay

While I am quite sure no one on here is going to shed a tear for Ken Lewis not getting paid for a years worth of work. How is this even remotely legal? I mean look at all the lawsuits against companies for having there employees work off the clock or not recording there hours correctly. Shouldn't he be paid at least the minimum wage that is a federal law? How would you like the government coming up to you and say we think you are over paid so pay back your salary you're working for free this year?

http://money.cnn.com/2009/10/15/news/companies/bofa_lewis_salary/?postversion=2009101519

possible it has to do with what they have found so far in the investigation of the purchase of merrill lynch--thats been under investigation for a little while..maybe look him look a little better after facts are made public? i think we all know they play by different rules than walmart hiring illegals and locking them in the store at nite on ot they never get paid for.

floridafun wrote:possible it has to do with what they have found so far in the investigation of the purchase of merrill lynch--thats been under investigation for a little while..maybe look him look a little better after facts are made public? i think we all know they play by different rules than walmart hiring illegals and locking them in the store at nite on ot they never get paid for.

Let's see the government rammed Merrill Lynch down BOA throat when they wanted to back out due to faulty bookkeeping (not being worth as much as they say they were worth). Why? So not to throw the financial markets off any worse, the government already had blew it with Lehman's Brothers.

So since Lewis was a CEO the laws are different? Yeah, that is moonbat statement. I say every lawyer working for a company against a working off the clock/no OT paid etc. suit; should be using this as evidence that the law doesn't apply. I would love to see the pay czar in court explaining to the judge why it is okay for the gov't to force a company not to compensate for work and not company A, in court for the same thing.

I agree that this is crap. Government regulation is good for checks and balances. But this goes way beyond regulation.

Instead of starting a new thread will post it here. Gee the new hire must be afraid the gov't will make him work for nothing also.... Just more proof this pay czar thing is of little help.

http://news.yahoo.com/s/nm/20091017/bs_nm/us_gm_3