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Post Info TOPIC: S.O.B.S!!!!!!!!!!!!!
JD The Jazz Doctor


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S.O.B.S!!!!!!!!!!!!!
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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. 



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MzHartz


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It sounds like the CEOs have enough money to bail themselves out.

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allycat


Cat Scratch Diva

    



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I think maybe the people that lost everything should sue them and get it all!

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disco strangler


Smiles everyone, smiles!

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i think one of those guys is my uncle twice removed... i should look him up...

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Mad Mema


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I think I need to be adopted. nod.gif

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disco strangler


Smiles everyone, smiles!

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when i find my uncle, i'll adopt you...

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You should fear anything that can bleed for seven days without dying...  (as told to Mr. DS on 3-12-10)
Mad Mema


Bad Biker Granny



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SWEET!

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That which does not kill me postpones the inevitable.
ghostdancer


Ghost In The Machine

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Where can I get an application to apply as a CEO????  I think I could probably do the job for 3 weeks as long as I got that kind of "severance" pay.  And even if I couldn't, and the bank closed, I'd still walk away the severance pay.  Sounds like a great deal to me!!  nod.gif 




I still say they all need to fry and I'll gladly pull the switch!!  

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JD The Jazz Doctor


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I woulda worked twice as long for half as much. fools.furious

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"And like Web, I enjoy throwing JR under the bus.  Problem is, it's usually under the special bus that I ride every day". Ghostdancer 12-18-09
confuzzed


Permanent State of Confusion

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This was exactly my point yesterday.

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squonk


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In most cases, the less you work... the more money you get paid. Most of us could work (hard as hell) for 75 hours per week for a lifetime and never make what some of these guys make in a couple of years. Don't even think about saying something as silly as "they paid their dues" maybe to the Country Club.
I sometimes feel glad that I'm not rich. Why Squonk? (you might ask) When the bottoms drops out, it's not that far down for schmucks like us!

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