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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.
I think it’s time to get out the pitchforks and torches….I mean really.
#59 “Its not a lie.
Check with your Mother company, and see HOW the money is monitored by the IRS, and compared with WHAT you send in for information.”
I handled all transfers and tax issues. The IRS didn’t monitor anything about transfer of $.
I had to have tax returns done on time and do the usual accounting for tax purposes.
It seems that you have no experience with running a foreign owned business on US soil…
Hollywood keeps restoring the footage of the Godfather movies, as if these are the ONLY bad boys to fear. Hollywood needs to grow some balls a make some movies about these wise guy CEOs. But since some of sit on the boards of the studios. Fat chance of that happening.
66,
so you dont think the IRS compared what you WROTE down, and what the Corp, THINKS you made??
Hmmm.
And now you may understand why the Gov is abit stupid. It would be interesting if the IRS would REALLY do the book keeping and investigation.
#68 “so you dont think the IRS compared what you WROTE down, and what the Corp, THINKS you made??
Hmmm.”
They did the same comparison as they did when I ran a US based company. No different regulations to follow.
What’s your point?
PS,
I hope you all understand that the CORPS would love a welfare state. For 2 reasons.
1. PAY little for workers and benefits…tHE TAXES PAID BY THE WORKERS end UP being WHAT THEY GET BACK FROM THE state/FED.. tHIS DOESNT WORK WELL, Sooo.
2. The Corps Subsume the government, and STILL pay us NOTHING..We end up paying RENT to the corps, and everything they can do to make money, WILL HAPPEN. Do you think drinking TAP water in a $1 bottle is bad…Think about Bottled AIR.
RE: #30, Cow-Paddy,
You still haven’t told us how regulating wages is unconstitutional. Yet you want to be taken seriously that you know all about running a foreign owned company?
Ya, right !!!