$18m paycheck to WaMu CEO after just 3 weeks on the job
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- queenofit
- added this
http://money.cnn.com/2008/09/26/news/companies/fishman_wamu/index.htm
Alan Fishman could be eligible for a multi-million paycheck after only three weeks on the job ... if he decides to keep it.So while Wall Street is begging for a bailout, another bank fails, and what happens? The poor "former" CEO will still make his millions. This is what they want us to hurry up and save?
"Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
But will Fishman follow the lead of another troubled financial firm and turn his severance package down?
JPMorgan Chase (JPM, Fortune 500) grabbed up the banking assets of WaMu on Thursday after federal regulators seized the company, making it the largest bank failure in history.
JPMorgan Chase CEO Jamie Dimon said in a conference call with reporters Friday that no decisions have been made about the fates of WaMu senior executives.
Still, the demise of WaMu is likely to be the end of Fishman's brief tenure at the helm.
Fishman was hired on Sept. 7, replacing former long-time CEO Kerry Killinger, who was ousted as a result of the company's many financial woes.
WaMu did not reply to requests for comment about Fishman's severance package."
More at link.
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1percent
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His name is Alan Fishman.
His name is Alan Fishman.First rule of project mayhem is... Don't ask questions..
Ride on!
- 1 year ago
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1percent
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khromadjo
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I await the day when regulatory scissors cut enough holes in those golden parachutes to send the suits plunging back towards reality.
- 1 year ago
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khromadjo
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Conniepae
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I think they get these golden parachutes because they have seen the evidence to the crimes. They are paid to keep their mouths closed. Sounds criminal to me!
- 1 year ago
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Conniepae
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Kenzosin
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This is utterly disgusting. Greed never stops. People at the top are the epitome of selfishness and greed. The clear reflection of the ugly side of humanity at its best.
- 1 year ago
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Kenzosin
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synclaire
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trickle down theory really works! Even though i've never seen any money trickle down to me...my corporate overlords tell me it will though.
- 1 year ago
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synclaire
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crobertson2345
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Well he hasn't officially accepted the pay out yet.
- 1 year ago
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crobertson2345
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huntre
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I can almost hear Fishman's response.
"F*ckin' crybabies! It's my money! You hear me?!"
*jumps up and down*
"Mine, Mine, MINE!! You want it back? SUE ME!!
Mwah-ha-ha-ha-ha-ha-ha-ha-ha-ha..."
*choke sputter cough*
"Damn. Swallowed my cigar." - 1 year ago
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huntre
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kuruption
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leave the poor guy alone. so he gets 18mil so what! you people nag and cry about how the CEO's get all the money wa-wa-wa...
- 1 year ago
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kuruption
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lets_be_honest_86
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The problem is that American's worship these greedy bastards like they are pop stars, and we can't fix anything until we change our views.
- 1 year ago
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lets_be_honest_86
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EcoLita
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This is what concerns me about the bail out that our supposed elected officials are going to be packaging.
We know that there will be more of these little golden parachutes floating down from the sky when it all shakes out.
Would like to see a few of these parachutes not open when these guys jump! - 1 year ago
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EcoLita
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JanforGore
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No amount of bailouts will change human nature. You should have seen the Christmas bonuses the CEO of an institution I worked for years ago got... just for a Christmas bonus! And this is despicable. These banks have credit card customers unable to pay their bills because of the rates and fees piled on them even if one payment is late... and these bastards walk away with millions. Herein lies the endemic problem with the entire system that one Congressional bailout will not solve.
- 1 year ago
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JanforGore
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jubal
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This is absolutely disgusting, thumbs up to the story.
Wamu is despicable to allow this guy to make that kind of money for that short of time. Ridiculous.
- 1 year ago
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jubal
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FixItPeople
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I have a good friend, Curt Craighead, who has convinced me there is no escape from human nature, and that the people at the top are often the worst examples of humanity. They got there doing the wrong things and treating people in ways most of us wouldn't treat them. The idea that we expect greed to curtail itself at the last minute is silly. It's us, the decent people, who have to stand up and start swinging.
- 1 year ago
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FixItPeople
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queenofit
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Part of me want to say the guy will do the right thing and refuse this give-away.
Another part of me wants to scream, how is all this happening?
And more, this has been going on for so long, and before we just didn't notice it. Now they want the lowly tax payers to foot the bills for their excesses. With no promise to change.
- 1 year ago
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queenofit
