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The best temp gig in history – Top Stocks Blog – MSN Money — How does this even happen? The board of directors should be sued for this money. It’s ridiculous.
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 wasnt 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 WaMus banking assets.
Found by John Ligums.
The customers should cry foul, tell them you are going to pull your money if this is allowed. Make phone calls, put pressure on your representatives, it is the only way!
Also, in that short amount of time, he managed to issue a letter to WaMu investors that the bank was sound…looks like he’l be headed to Fed country club soon.
Here’s text from the letter:
“As WaMu’s new chief executive officer,
I am writing to discuss the extraordinary economic environment for all banks in the United States and why you can count on us to continue to serve you safely and soundly.
“I came to WaMu because I think it is a
great bank with a strong franchise and a solid financial position. We take very seriously our role as the stewards of your hard-earned money.
“I want to personally thank you for your loyalty and the opportunity to serve your needs.”
SLAMMER TIME!
all of the bank presidents should salaries should be reined in. This is what got them into trouble in the first place. Then need to feel the burn like every other american is.
Let them get minimun wage… equal pay for equal work…….
Disgraceful! But also typical of US business these days. And you thought Rockefeller and Carnegie were bad. Heck, even Jay Gould actually did some work…
Since JPMorgan bought WaMu, they should be the one’s upset by the $19 million pay-off.
But, the management of JPMorgan probably have the same types of golden parachutes, so they’ll keep quiet until they go bankrupt.
Here’s a true story that makes an ice metaphor for the current situation:
I have dogs. Sometimes they like to puke in the house and I have to clean it up. They also like to eat their own turd. Sometimes they also puke that up in the house and I have to clean it up (gag). There’s only one thing more vile than puke — and that’ turd puke.
Fit’s the situation. Hope I helped your digestion.
This is ONE REASON we need to RESTORE THE STEEPLY PROGRESSIVE INCOME TAX !!! To discourage this kind of LOOTING !!! And even with a STEEPLY PROGRESSIVE INCOME TAX, THE RICH CROOKS ***WILL STILL BE RICH***, ALTHOUGH NOT RICH ENOUGH TO HAVE THEIR OWN FOREIGN POLICY !!!
His name is Fishman, what did u expect?
Didn’t we just flog this issue to death on Monday?
http://www.dvorak.org/blog/?p=25889
Again I call bullshit, everyone is looking and blaming the wrong people.
WaMu was taken over by the Office of Thrift Supervision and FDIC. At that point the Board of Directors should have been stripped of oversight and have been unable to authorize the severance payment.
He deserves the signing bonus as he left a secure job to take this one. But anyone of us in the same situation would take the money. It is a little hypocritical to castigate the guy because they offered the money.
Why are some people here blaming him?
Come on, everyone here would take that money.
Until there are actual restrictions on corporate pay then this type of thing will continue to happen.
Oh well, I have no money in the bank, but I’m happy.
Sort of.
A bit.
Okay, I’m goddamn miserable.
#8:
Jeez, relax! We already have a progressive income tax. Make it any steeper, and people will start moving their business and money out of the country, and you’ll get none of it.
I’m not talking about a “quickie” or a temporary tax cut, which would be more appropriate if a recession were imminent. Nor am I talking about giving the economy a mere shot in the arm, to ease some temporary complaint. I am talking about the accumulated evidence of the last five years that our present tax system, developed as it was, in good part, during World War II to restrain growth, exerts too heavy a drag on growth in peace time; that it siphons out of the private economy too large a share of personal and business purchasing power; that it reduces the financial incentives for personal effort, investment, and risk-taking. In short, to increase demand and lift the economy, the federal government’s most useful role is not to rush into a program of excessive increases in public expenditures, but to expand the incentives and opportunities for private expenditures…
…..John F. Kennedy 1962
Thats the point..
WHO hired him,
WHO paid him,
WHO signed the contract?
# 14
JFK was a conservative.
#11 – no one is blaming him for taking money offered. The bitch is that the money was offered. It’s all a bunch of turdpuke.
Fishman must have had an idea that WaMu was going down in flames no matter what. Do I blame him for taking the money? Yeah, I do. I am sure he is already a multi-millionaire, so does he really need more? He clearly has no character.
A person with character would not take such an obscene amount of money for doing absolutely nothing to earn it. Is this the example we want set for our country? This is the attitude that got us in this financial mess to begin with!!!
I do recognize that he should not be held solely to blame since he was given an unbelievable deal by a bunch of morons who have no problem handing out large sums of someone else’s money to undeserving bastards.
These kind of deals need to be made illegal but they are based on how Congress critters get treated when they retire/get voted out.
Of course they could just pass a law exempting themselves.
#18, Carcarius ,
Go ahead, give me $19 million and you can criticize my character all you want.
#19, doewll,
Why make this illegal? Fishman had a commodity and sold it. As an insurance policy against a sudden loss of income, he insisted on a severance package in specific circumstances. The buyers willingly entered into the deal believing they would be getting something of value.
Would you also prevent people from signing sports or movie contracts?
#20 You are correct.
It is the Fed & lack of sensible loan/financial instrument rules that got us into the mess. Not a CEO pay package.