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Old 09-26-2008, 12:59 PM
 
26,492 posts, read 40,193,992 times
Reputation: 14489

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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.



FOXNews.com - WaMu Gives New CEO Mega Payout as Bank Fails - Local News | News Articles | National News | US News
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Old 09-26-2008, 01:02 PM
 
Location: Charlotte
12,645 posts, read 14,102,822 times
Reputation: 1679
Quote:
Originally Posted by bentlebee View Post
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.

Isn't there a business section on city-data? or financial? What should we say here? Golden parachutes! they do exist!
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Old 09-26-2008, 01:16 PM
 
Location: Londonderry, NH
41,479 posts, read 52,356,988 times
Reputation: 24652
This IS political as well as financial. If we had a properly progressive income tax he might have kept about one million which still would have been too much.
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Old 09-26-2008, 01:19 PM
 
1,110 posts, read 3,963,747 times
Reputation: 423
Sick!!! I cant believe this nonsense is still happening! When will these banks ever learn!!

Good riddance WAMU! Glad you are gone...Paying the CEO $20Million... You deserve it.

Bailout Plan - You still want it?? Gimme a break...
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Old 09-26-2008, 01:20 PM
 
Location: By the sea, by the sea, by the beautiful sea
58,803 posts, read 42,307,523 times
Reputation: 31024
Quote:
Originally Posted by GregW View Post
This IS political as well as financial. If we had a properly progressive income tax he might have kept about one million which still would have been too much.
Of course it's political, some will run and make part of their platform giving tax breaks to people like Fishman

Last edited by burdell; 09-26-2008 at 01:30 PM..
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Old 09-26-2008, 01:25 PM
 
26,492 posts, read 40,193,992 times
Reputation: 14489
Shouldn't the 20 million be allowed? IMO it should be just like with athletes...They have million dollar endorsements...but before they receive anything they have to perform and get a certain ranking, or other accomplishment...What accomplishment did this guy have in 17 days...This ia a disgrace and for me it is NO Bailout whatso ever anymore!!!!
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Old 09-26-2008, 01:47 PM
 
Location: Dublin, OH
2,625 posts, read 3,534,460 times
Reputation: 1673
I would have done that job for them for $50,000. 17 days of work, for $50,000 would have been much better for them to swallow, and I couldnt' have done any worse w/ that company than Fishman did.

This is just one of the reasons I am against this bailout. The gov't should seize all of this guy's "earnings" for the way he fleeced the company.
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Old 09-26-2008, 02:00 PM
 
Location: By the sea, by the sea, by the beautiful sea
58,803 posts, read 42,307,523 times
Reputation: 31024
Quote:
Originally Posted by ohioaninsc View Post
I would have done that job for them for $50,000. 17 days of work, for $50,000 would have been much better for them to swallow, and I couldnt' have done any worse w/ that company than Fishman did.

See what ya miss when ya don't pay yer Ol' Boy's Club dues?
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Old 09-26-2008, 02:35 PM
 
Location: Dublin, OH
2,625 posts, read 3,534,460 times
Reputation: 1673
Quote:
Originally Posted by burdell View Post
See what ya miss when ya don't pay yer Ol' Boy's Club dues?
It's what happens when you aren't born, raised and live on Wall Street I guess. Those of us in flyover country, like OH and SC, will never get that type of chance.
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Old 09-26-2008, 03:01 PM
 
Location: Phoenix, AZ
6,232 posts, read 3,643,492 times
Reputation: 3883
Quote:
Originally Posted by bentlebee View Post
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.



FOXNews.com - WaMu Gives New CEO Mega Payout as Bank Fails - Local News | News Articles | National News | US News
Yep, and this is the kind of parachute good old George W wants to keep in place.

This sort of thing has been going on for years with the full support of the GOP leadership.

Bump this thread!
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