SEIU's Burger: Continue CEO Pay Crackdown

Obama Administration Special Pay Master Responds to Requests by Anna Burger, 10,000 Taxpayers to Take Action on Ken Lewis Pay

Sets Precedent for Protecting Americans from CEO Pay Abuse -- Washington, D.C.--The Service Employees International Union (SEIU) released a statement from Secretary-Treasurer Anna Burger following news that Ken Lewis will not be receiving his 2009 compensation and bonus pay in light of his multimillion-dollar retirement package.

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Burger and more than 10,000 taxpayers requested that Obama administration special pay master Kenneth Feinberg take action on Lewis' pay last week as part of a multi-year campaign to bring changes to the bank. In April, nearly 100,000 taxpayers took action on an SEIU-sponsored campaign to demand that Bank of America fire Ken Lewis and enact reforms to help ordinary Americans and our economy.

And on October 25-27, thousands of Americans from more than 20 cities will converge on the American Bankers Association conference in Chicago to demand banks stop fighting reforms that will protect Americans from the next crisis.

"Today's announcement proves that ordinary Americans can speak out and win the change we need in our country. Without the call of thousands of people who demanded action on Ken Lewis' outrageous retirement package, he might have gotten away with one final payout at the expense of taxpayers.

"Instead, because of our work, the Obama administration drew a line in the sand on big banks' continued reliance on greed and the failed policies that created our economic crisis.

"The big bank and Wall Street executives who crashed our economy can no longer count on platinum paychecks and bonuses until they reverse course and start living up to their commitments to taxpayers after taking trillions in bailouts and backstops.

"Banks must expand credit to small businesses to save jobs, end foreclosures so families can keep their homes, reduce skyrocketing interest rates and bank fees, and stop efforts to fight reforms that will protect us from the next bank-induced crisis."

"Ken Lewis may be the poster boy for bankers gone bad but he's not alone. Just today we heard the news that Goldman Sachs has set aside more than $16.7 billion for compensation and bonuses--nearly matching their record payouts before the crisis.

"President Obama's special pay master must continue his CEO pay crackdown to hold big banks and Wall Street accountable for their continued reckless behavior at our expense."

Source: SEIU