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  • vboring: 
  • Comments (127)

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  • vboring.blogspot.com
  What if you converted his retirement stock into mortgage backed securities backed by distressed properties instead?
  
  If his bank wants to insist that the face value of these products are the correct accounting value, then he should be happy to accept them as payment - at face value.
  
  That could actually be legal, unlike simply stopping payment.

  Oct 08 04:59 PM | Link | Reply
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  • Baeck: 
  • Comments (39)
  •  • StockTalk (5)
  As much as you could love to hate they guy, I'm guessing BAC is contractually obligated to provide this retirement package. I realize that contracts are no longer necessarily binding in this country when the government is involved (hello, Chrysler bondholders!), but a guy can dream, can't he?

  Oct 08 05:07 PM | Link | Reply
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  • vboring: 
  • Comments (127)

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  • vboring.blogspot.com
  That is the trick to my suggestion. Instead of flat-out abandoning the contract, the gov't could just change what he is paid with. Instead of stock, he gets worthless junk that he decided the bank should pretend is worth something. If he thinks the two are equally valuable, he shouldn't mind the switch.

  Oct 08 05:20 PM | Link | Reply
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  • Poor Texan: 
  • Comments (354)
  Interesting that Obama is using his stooge union to pursue this idea rather than running it through Congress. Well, when we have enough czars in place, Congress will be redundant anyway.

  Oct 08 06:13 PM | Link | Reply
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  • Neil459: 
  • Comments (1083)
  •  • Instablog (1)

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  • perceptivemind.com
  This idea to stop retirement payouts is simply fascist. If the government can do it to the CEO they can do it to you. Look out. Maybe next time they'll hold your retirement unless you vote for Obama, or stop driving, or if your old maybe they'll stop it until you die.
  
  Watch out for what you wish for, as it can come true faster than you think. Lets all try to think a few steps ahead. The threat is not the CEOs as they have to obey the law unless they are protected by the government. The threat is the government. They can easily become above-the-law as a result of the public's thirst for control and payback.

  Oct 08 07:09 PM | Link | Reply
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  • MarketGuy: 
  • Comments (649)
  •  • StockTalk (164)
  Take all his retirement money and put it in interest bearing govt treasuries. Pay back America with the compounding interest while paying out Lewis with a retirement salary that's equal to the average American retirement paycheck.

  Oct 08 08:02 PM | Link | Reply
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  • nova: 
  • Comments (569)
  Neil459 wrote:
  "This idea to stop retirement payouts is simply fascist. If the government can do it to the CEO they can do it to you. Look out."
  
  Obama is just a fraud and a Chicago gangsters. The Constitution and the Law means nothing to this him and his associates in the Congress.
  
  PS
  Watch out unions. A Fascist state liquidates unions.

  Oct 08 10:26 PM | Link | Reply