Well, I think Moynihan came out ok given The Bank’s performance.

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It was a tough year for Bank of America, what with the foreclosure mess and a sagging stock price. Its chief executive, Brian T. Moynihan, nonetheless received $10 million in his first year on the job.

Mr. Moynihan will get a bonus of $9.05 million in the form of restricted stock, along with a base salary of $950,000, bringing his total pay to $10 million for 2010. In 2009, before Mr. Moynihan took over as chief executive, he received a total of $6.1 million in compensation.

Mr. Moynihan’s base salary did not go up, however, and he received no cash bonus, a reflection of Bank of America’s slow recovery from the financial crisis, when it received two bailouts from Washington totaling $45 billion. What is more, Mr. Moynihan will have to fulfill performance goals to earn the full $9.05 million.

Other top officers of the company did receive a cash bonus of $900,000, but it will be paid in monthly installments and is tied to the stock price.

“All of the year-end compensation was deferred and tied to some measure of stockholder value,” said Bob Stickler, a spokesman for the company.

via Brian Moynihan Gets $10 Million as Bank of America Chief – NYTimes.com.

 

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These cuts are indeed devastating and will have a long-term impact on our community.

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Charlotte-Mecklenburg Schools Superintendent Peter Gorman on Tuesday recommended cutting more than 1,500 jobs – including hundreds of teachers and assistants – to bridge a $100 million budget gap.

His plan also calls for saving money by lengthening the day at schools around the county, and by cutting more than a thousand children from the Bright Beginnings preschool program.

He stressed that his proposals marked only the staff’s “best thinking” at this point, given current projections about shrinking state and federal dollars.

“These cuts are absolutely devastating to the work of CMS,” Gorman said. “These cuts… are going to detrimentally impact that lives of our students.”

via ‘Devastating’ cuts could end 1,500 CMS jobs – CharlotteObserver.com.

Charlotte Mecklenburg Schools are not faring well in the Great Recession

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One of the most important characteristics of a community are its schools.  Let’s hope that this recession does not destroy the good in our system.

In a night marked by split votes, angry protests and accusations of racism, the Charlotte-Mecklenburg school board approved a sweeping plan to close 10 schools and make other dramatic changes.

In the most controversial item, the board voted 5-4 to close Waddell High and make it the new home for Smith Language Academy, a K-8 magnet. Harding High, which had also been considered as a home for Smith, will turn into a neighborhood school housing many of Waddell’s students, along with the International Baccalaureate magnet now at Harding.

Most other efforts to block or revise the plan failed, often with the board’s only two black members on the losing end of votes.

via Board closes Waddell, saves Harding – CharlotteObserver.com.