Loopholes Evident In Pay To Tenn. Bank Executives

A Regions spokesman said Edwards' retirement had nothing to do with the lawsuits, and he "enjoyed a long and distinguished career with Morgan Keegan."

Bank of America paid Bruce Hammonds, a former MBNA executive who retired at the end of last year, $6.8 million in January of this year, according to the bank's proxy filing. A Bank of America spokesman said Hammonds was contractually obligated to receive the money under his retention agreement with Bank of America in connection with the company's 2006 purchase of MBNA Corp.

The Feb. 11 loophole allowed banks such as Regions and Bank of America to honor severance agreements for departing executives last year, Cornell said.

Some activists are taking to the streets over the pay issue.

Last Thursday, groups of unions and health insurance advocates planted themselves in front of Bank of America buildings across the country, including Nashville, to "protest corporate greed," said Doug Collier, president of the Service Employees International Union Local 205 in Nashville.

"They should stop taking these bonuses," Collier said. "They should adjust their salaries as they take bailout money, taxpayer dollars. It amazes me that they can pay these lavish payments to people who have run these companies into the ground. Where does corporate greed end now?"