Re: Glutton Report - WaMu Gives New CEO Mega Payout as Bank Fails
Curly Surmudgeon
> http://www.foxnews.com/story/0,2933,428641,00.html
>
> Nice work — if you can get fired from it.
>
> That's just what one Alan H. Fishman might have thought when he woke up
> Friday morning.
>
> Fishman was the new chief executive officer for Washingon Mutual — WaMu —
> the nation's largest savings and loan, which was taken over Thursday night
> by federal bank regulators and quickly dumped in a fire sale to JPMorgan
> Chase for the Wal-Mart-like price of $1.9 billion.
>
> But don't cry for Fishman, who reportedly was sky-high — literally — last
> night, on a flight from New York to Seattle, when WaMu collapsed. Even
> though he's only been on the job for less than three weeks, he's bailing
> out with parachute worth close to $20 million, according to an executive
> compensation analysis conducted for the New York Times by James F. Reda
> Associates.
>
> That's right, $20 million for 17 days on the job ... and his company
> failed.
>
> Fishman, who formerly was chairman of Meridian Capital Group, apparently
> was much coveted by WaMu, which was counting on him to lead the failing
> thrift out of mortgage troubles that pushed the bank to a $3.3 billion
> second-quarter loss.
>
> According to filings with the Securities and Exchange Commission, WaMu
> threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and
> guaranteed him an immediate cash severence of $11.6 million — both of
> which he gets to keep.
>
> He also was eligible for annual bonuses of up to 365 percent of his annual
> base pay — set at $1 million — to go with millions of shares of company
> stock.
>
> Fishman does lose out on a big bonus that would have kicked in had he
> remained on the job through 2009.
>
> Documents show WaMu was going to pay their new boss $8 million to simply
> not screw up and get fired — all negotiated as the Seattle-based banking
> giant's loses climbed to an estimated $20 billion.
This is what your "representatives" has voted for, more of the same. When
the pirates are rewarded for plundering the economy guess what? They do
it again.
Time to dust off Madame Guillotine...
--
Regards, Curly
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Jail to the Chief
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strabo
> http://www.foxnews.com/story/0,2933,428641,00.html
>
> Nice work — if you can get fired from it.
>
> That's just what one Alan H. Fishman might have thought when he woke up
> Friday morning.
>
> Fishman was the new chief executive officer for Washingon Mutual — WaMu
> — the nation's largest savings and loan, which was taken over Thursday
> night by federal bank regulators and quickly dumped in a fire sale to
> JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.
>
> But don't cry for Fishman, who reportedly was sky-high — literally —
> last night, on a flight from New York to Seattle, when WaMu collapsed.
> Even though he's only been on the job for less than three weeks, he's
> bailing out with parachute worth close to $20 million, according to an
> executive compensation analysis conducted for the New York Times by
> James F. Reda Associates.
>
> That's right, $20 million for 17 days on the job ... and his company
> failed.
>
Hey, let's be nice! Dual Citizen Fishman has lots of payoffs to make
and funneling to do - judges, politicians, brokers, Mossad agents, his
rabbi, his cousin...$20 million doesn't go very far these days.
>
> Fishman, who formerly was chairman of Meridian Capital Group, apparently
> was much coveted by WaMu, which was counting on him to lead the failing
> thrift out of mortgage troubles that pushed the bank to a $3.3 billion
> second-quarter loss.
>
> According to filings with the Securities and Exchange Commission, WaMu
> threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and
> guaranteed him an immediate cash severence of $11.6 million — both of
> which he gets to keep.
>
> He also was eligible for annual bonuses of up to 365 percent of his
> annual base pay — set at $1 million — to go with millions of shares of
> company stock.
>
> Fishman does lose out on a big bonus that would have kicked in had he
> remained on the job through 2009.
>
> Documents show WaMu was going to pay their new boss $8 million to simply
> not screw up and get fired — all negotiated as the Seattle-based banking
> giant's loses climbed to an estimated $20 billion.
>
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