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MBNA's Hammonds to Benefit From Firm's Old, Lavish Ways





It is a lot, but is not beyond common practice.

From Wall Street Journal:

Upon completion of the deal, Mr. Hammonds will be entitled to collect more than $125 million, according to a compensation expert and the company's filings with the Securities and Exchange Commission. He also will keep a top job in the credit-card industry: Terms of the transaction call for Mr. Hammonds to become head of Bank of America's credit-card and debit-card operations.

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"These stock awards were made throughout the period of either no or little restraint in compensation at MBNA," said Paul Hodgson, senior research associate at the Corporate Library, a corporate-governance think tank. "Since then, there have been changes for the better."

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