MONTREAL - National Bank President Louis Vachon: Vachon

Louis Vachon Dept: MONTREAL - National Bank president Louis Vachon collected $8.4 million in salary, bonuses and benefits in 2011, up from $5.7 million a year earlier, and it earned him a roasting at the bank's annual meeting Wednesday in Montreal, according to Vancouver Sun. Michaud said boards of directors should rein in the incessant, indecent'' spiral in bankers' salaries. Remuneration of corporate executives has become a cancer of modern capitalism,'' he said and national Bank president Louis Vachon roasted for salary Yves Michaud, spokesman for the shareholder association Mouvement d'Education et de Defense des Actionnaires MEDAC , wondered how Vachon could be worth that much when both Michael Sabia, chief executive of the $160-billion Caisse de depot et placement du Quebec, and the head of the Quebec Federation of Labour's Solidarity Fund, Yvon Bolduc, made do with $500,000 a year. (www.immigrantscanada.com). As reported in the news.