King previously said that BB&T would maintain the dividend between 40 and 60 percent of earnings. At the 40% level,it takes $ 1.50 per share of earnings to support the current dividend of $.60. This morning S & P adjusted their projection of 2010 earnings to $ 1.42. 40 % of that amount in $.578.
I agree that upper level mgt should be compensated well for their position and expertise(?), but the extreme salaries and benefits are not justified in most cases. These should be tied directly to the performance of the company and not provided by boards that have almost been appointed by the CEO. Case in point. BP's CEO being fired and receives a termination package of over $18,000,000 dollars. Wrong.