Its the Janis Joplin effect, as in: "why doncha buy me a Mercedes Benz, my friends all drive Porsches and I must make amends." You wouldn't want KK to be embarrased about his pay when he attends banking conferences, would you??
The typical executive pay package,drafted with input from an executive pay consultant (i.e whore) ensures that the bank CEO gets paid based upon the salaries of their "peer group" CEOs, not their personal accomplishments and/or value to the organization.
So King will probably keep getting annual raises until he makes as much as the CEOs of BAC, WFC, etc. You'll know that BBT has finally jumped the shark on compensation when the BOD hires a pay consultant to ensure that board members are getting paid as much as their" peer group."
As long as the corporate officers determine director remuneration and directors determine officer's remuneration, the poor shareholder is caught in the crosshairs. Shareholders should have final approval of all remuneration: they own the companies. Have you noticed that on most internet proxies that shareholders are not given the option of voting against reelection of individual directors? If every shareholder other than the one up for election withheld their votes, that director could reelect himself. Hang on-a change will come.