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Thread: WaMu CEO earns $19 million....in 3 weeks!

  1. #1
    Elite Member celeb_2006's Avatar
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    Default WaMu CEO earns $19 million....in 3 weeks!

    Cheers!

    The best temp gig in history - Top Stocks Blog - MSN Money

    Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.

    If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:
    WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.
    Fishman got the best temp gig in history. He gets to keep the bonus and severance pay, though he must stay on the job while JPMorgan Chase completes its purchase of WaMu's banking assets.
    To be fair, Fishman wasn't the one that took WaMu down a path lined with toxic mortgages and other bad assets. No, that role belonged to former CEO Kerry Killinger, who received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.

    Other execs are also cashing in big. President Stephen Rotella gets $12.7 million in cash if he's terminated or quits with "good reason," according to the Portland Business Journal. And CFO Thomas Casey would get a cash severance of $6.3 million.

    And WaMu shareholders got huge payments of...oh, wait. The stock is worthless. Shareholders got wiped out.

  2. #2
    Elite Member Belinda's Avatar
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    This irritates me to no end. They should be made to forfeit this money.

  3. #3
    Elite Member Rica's Avatar
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    Damn, I missed that ad =/
    I'm perfect for the position...damn damn damn!

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    Elite Member greysfang's Avatar
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    This just sickens me, and the republicans are still fighting regulation and oversight.
    Last edited by greysfang; October 1st, 2008 at 10:04 AM.
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

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    Elite Member Sweetie's Avatar
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    Kinda sounds like a real life Dick and Jane.

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    Elite Member nana55's Avatar
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    This disgusts me. This is why people don't want this bill. They can't swallow this vile shit they do for each other on wall street. They have got to take out any severence for these CEO's that have banks or business that failed.
    If I can't be a good example, then let me be a horrible warning.

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    Elite Member sluce's Avatar
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    Man -I think I might look into a temp position!

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    Elite Member Beeyotch's Avatar
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    Quote Originally Posted by nana55 View Post
    This disgusts me. This is why people don't want this bill. They can't swallow this vile shit they do for each other on wall street. They have got to take out any severence for these CEO's that have banks or business that failed.
    I totally agree. Someone explain, real simple like, how these fucks are getting away with this in a time of financial crisis when they KNOW people are watching. Fuck the 3-week-only CEO, give the shareholders his $19 million.

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    Elite Member lurkur's Avatar
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    And yet they want us to think COMMUNISM is threatening 'Murricuh.

  10. #10
    Elite Member sluce's Avatar
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    Well I called all the temp agencies in my area and none have openings like this!

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    Elite Member nana55's Avatar
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    Hell I can send the banks into bankruptcy quicker than 3 weeks, will I get a bigger payout if I do?
    If I can't be a good example, then let me be a horrible warning.

  12. #12
    Elite Member nwgirl's Avatar
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    Quote Originally Posted by nana55 View Post
    Hell I can send the banks into bankruptcy quicker than 3 weeks, will I get a bigger payout if I do?
    Apparently so. The other guy got 54 mil for 5 years. That's around 30k a day. 19 mil over 21 days is just under a million a day. I could put them under in 3 days flat. I'd be set for life!
    "The difference between genius and stupidity is that genius has its limits."

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    Friend of Gossip Rocks! buttmunch's Avatar
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    I feel ill and outraged in equal measure. You'd think these dickheads would have the balls to say 'hey, bub, I can make do with a few mil. Put the rest towards the bailout.' But then, that would be in keeping with being a greedy fuck.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
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