Moral values: Contrast and Compare

Charles K Gifford, Associated Press

Bank of America Announces Aid to Tsunami Relief Efforts

January 4, 2005

CHARLOTTE - Bank of America and its associates today committed in excess of $1.5 million to assist with emergency humanitarian relief efforts and aid the victims of Asia's tragic earthquake and devastating tsunamis...

Mayday? Payday? Hit the Silk!

If the Chicago Cubs dump him after his contract expires this year, Mr Sosa, the struggling slugger, will receive only a $4.5 million buyout payment and $3.5 million in severance. But Mr Sosa's prospective goody bag seems meager when compared with the retirement pinata that the Bank of America plans to bestow on Charles K Gifford when he steps aside as its Chairman at the end of the month. An amiable, dedicated manager with a decidedly mixed track record as chief executive.

Fir his ministrations, Mr Gifford is promised $16.36 million cash payment, up to an additional $8.67 million in "incentive payments" for work done over the last 13 months and $3.1 million a year for life. If he dies before his wife, she will receive $2.3 million a year for life.

That's not all. The bank guarantees him $50,000 a year in consulting fees, 120 hours of free flight time a year on the company's jet, and an office and a secretary, according to federal securities filings. All of this on top of $38.4 million in company stock that he has accrued over his 38-year career.

Wait. There is more: Mr Gifford, a Bostonian, has also been offered the right to buy 60 Red Sox tickets from the bank annually for the rest of his life.
Timothy L. O'Brien, The New York Times, Sunday January 9 2005