Bank of America CEO Got Sixfold Raise Last Year Despite…

The CEO of Bank of America was paid $7.5 million last year — six times what he got in 2010. That’s according to an Associated Press analysis of a regulatory filing out Wednesday.

The bank says Brian Moynihan’s pay package for 2011 included a salary of $950,000, a $6.1 million stock award and about $420,000 worth of use of company aircraft and tax and financial advice.

It happened in a year when Bank of America stock plunged 58 percent. The bank struggled with lawsuits from investors who had bought securities backed by problematic mortgage loans.

The AP uses a calculation that isolates the value a company’s board places on the CEO’s total pay package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

– New York Post

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