Nice perks if you can get them. A SEC filing from Bank of America reveals the goodies that come with being a banking exec. “Homeowners who can’t relocate because they’re stuck with mortgage payments on a home they can’t sell would lust after even a pale imitation of the $2.6 million relocation deal Bank of America gave Barbara J. Desoer, who moved from North Carolina to California last summer to take over as president of Bank of America’s Mortgage, Home Equity and Insurance Services business.” [Consumer Reports]

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  1. working class Zer0 says:

    How do I become one of the “choosen ones”?
    I want to live in her alternate universe.

    • tankertodd says:

      @working class Zer0:Try working your ass off. Worked for Desoer.

      • consumerd says:

        @tankertodd:

        Try working your ass off. Worked for Desoer.

        I highly doubt that was it. Well maybe, I guess you do have to work hard at ripping off us Americans.

        • huadpe says:

          @consumerdave: Well, yes and no. Execs at most of these companies do work insanely long hours.

          One thing that gets to be an issue here is that capitalism does not contain justice factors in alloting wages. What you get paid is related mostly to what the people who have skills like you will accept as pay, and how productive the work you do is.

          You can control to an extent how productive your work is, but you can’t control what other people will take as a wage. So even if you work very hard, others may work just as hard for not very much money.

          The trick is to work very hard at something very few people are good at. You can do this by being better than anyone else (which takes alot of skill, luck, and training), or lucking out onto an obscure enough area. Getting rich isn’t easy.

        • metsarethe... says:

          @consumerdave: right just ignore her accomplishments and entire career. Everyone on wall street is baaaad.

          /typical

  2. sebadoh128 says:

    Maybe those “homeowners” should apply for a job with Bank of America as the President of B of A’s Mortgage, Home Equity and Insurance Services business.

    Lower the pitchforks people.

    Just a thought.

    (I reserve the right to raise my own pitchfork if it is discovered that any of the activities described above were illegal).

  3. WBrink says:

    I agree Sebadoh. I’ve seen mall retailers pay for relocation just for store managers. I would imagine that BoA’s Mortgage, Home Equity, and Insurance Services president might have a tad more important job than average joe blow, and if it’s just 2 million dollars (which is like 500k non-California/NYC dollars) holding the company back from getting the best candidate, that’s ridiculous.

  4. humphrmi says:

    I see IT jobs all the time with some sort of relocation offset. Not $2.6 million, but then few IT people would need that kind of package. I could see someone who had, for instance, collected a lot of artwork needing to hire high priced movers and insuring the move and so forth. I don’t know where the line is, but I’d imagine it somewhat follows the expected lifestyle and value of the new hire.

  5. tankertodd says:

    This class warfare stuff is nauseating. Some people are very smart and work really hard and get lots of rewards. Some people are not smart and/or don’t work hard and don’t get rewarded. Would we prefer that to change? Is that a better system? has it worked before? If you throw stones at these execs you better be able to defend the opposite notion. And get your Trabant warmed up, if you can start it.

    Yes, execs make a ton. So do athletes. I don’t see anyone crying about A. Rod’s paycheck. These packages are insane. So is the pay for a professional athlete. I’m open to alternative ideas here but until I hear a good one I’m willing to live with Desoers and A. Rods.

    • metsarethe... says:

      @tankertodd: cheers to that. People aren’t this vocal about taxpayer financed stadiums in which deals are made under the guise of “job creation”. Yet tax payers are earning interest ok Tarp money

  6. HawkWolf says:

    @tankertodd: And some people get lots of rewards but aren’t smart, at least in some people’s opinions, and that’s the real issue. When you get million dollar bonuses to _ruin the financial system_…

  7. Egat says:

    @tankertodd:

    That argument is all well and good, and I would have totally agreed with it in 1950. However, when you examine the growing disparity between executive pay and average worker pay, the argument quickly falls apart.

    I agree, those who work hard and smart should be rewarded. However, the average CEO is paid ~262 times more than the average worker, and their pay is rarely tied to the performance of the company in any meaningful way. That screams corruption in the boardroom and a corporate salary committee that is in the pocket of the executive.

    Pointing out problems with the current system does not force me to take a completely opposite viewpoint. I would like to try reform before revolution.

    • metsarethe... says:

      @Egat: while the average joe is working 9-5, many of these people are consumed by their jobs. Plus These people have skills, experience and education most people don’t have. Not everyone who works at B of A is “evil” but it seems jealousy is driving emotion

    • tankertodd says:

      @Egat: There are problems with accountability to the Board of Directors, who are not generally responsive to the shareholders. That can change. But isn’t the pay disparity explained by the simple scope of the job? How many jobs 100 years ago were as big as the jobs today? The difference between a CEO and a teller has to take into account the size of the firm. There were no national banks really until a few years ago. And even then no bank is in all 50 states even today, so the banks can get even larger yet.

      There are numerous issues with the system, but it seems to be the least bad one.

  8. clocker says:

    This class warfare stuff is nauseating. Some people are very smart and work really hard and get lots of rewards. Some people are not smart and/or don’t work hard and don’t get rewarded.
    OK, that covers “some” people…what about everyone else?

  9. Blueskylaw says:

    The retirement package that Jack Welch got trumps anything that Bank of America paid Babs. Here is a small part of what GE continued to pay him even after he left the company.

  10. Blueskylaw says:

    Sorry for the small chart. Complete set of charts can be found here:

    [www.thesmokinggun.com]

  11. Telekinesis123 says:

    That’s a helluva lot of U-Hauls.

  12. harlock_JDS says:

    wow rich executives running large companies get nice perks. Who would have thoughtthat.

    I got 30K for my last relocation is that unfair too?

  13. JustThatGuy3 says:

    Well, they were trying to get her to move from NC to CA, which has much higher real estate prices, so they were probably trying to cover the difference. Honestly, if she improved performance in the division 1%, she was worth the package 50 times over.

  14. Egat says:

    @tankertodd:

    I agree the jobs are getting more complicated. However, jobs across the world are getting more complicated. The growing wage disparity seen in the US has not been seen in other first world countries across Europe and Asia. Surely the difficulty’s of running a successful company in the EU matches the complications of running a growing national company? Why then does the disparity exist only in the US?

    I also believe that the trend towards national chains, that create these complicated jobs, robs America of meaningful culture. I would love to see us move back towards a local model of production and consumption, but don’t have much hope for that future to arise.