As I mentioned in that previous post, I was out boozing on Friday night.
I met someone that works for Ken Lewis' Bank of America.
BACEmployee - Guess what....They (the Bank) are giving all the low end employees 2% raises across the board.
Okay. First of all, nobody at that bankrupt, bailed-out bank should be getting raises.
Secondly, bear in mind that *across the board* means that every employee between the pay range of $0 and, I don't know, maybe $50,000 in annual income is getting a bump. It means even if someone is a horrible employee on probation, their manager has to call them in and give them the *good news*. In other words, there are no doubt hundreds if not thousands of employees in this category about to be fired or laid off that will be wondering aloud soon, "How could that be? I just got a raise!"
Think about it. Automatic percentage pay hikes....what does this smell like?
To me, it smells like a creeping, de facto *unionization*.
The only rationale that Moron Ken Lewis could possibly have for doing this, is *politics*.
He doesn't run a bank; he runs a Big Government lending operation that's wholly dependent on tax breaks, continual bailouts, Federal Reserve liberality, and taxpayer
He's not managing assets and liabilities; he's not managing loans and collateral....
Instead, he's managing *image* and *powers-at-be*!
Note that Ken Lewis is one of my favorite Morons. Click here to get started.