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http://www.foxnews.com/story/0,2933,428641,00.html WaMu Gives New CEO Mega Payout as Bank Fails Nice work — if you ... Stackers' Lounge forum

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    j llama's Avatar
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    how to make $20 million in 17 days

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    http://www.foxnews.com/story/0,2933,428641,00.html

    WaMu Gives New CEO Mega Payout as Bank Fails

    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.
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    RogerG's Avatar
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    Good Lord, that's a lot of money.

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    Greed in the banking sector, never

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    How do I get that job???
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    Hmmm... how can a bank "in financial trouble" offer someone $7.5 million as a "sign on" bonus???


    Corporate America...

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    Quote Originally Posted by data1025 View Post
    Hmmm... how can a bank "in financial trouble" offer someone $7.5 million as a "sign on" bonus???

    Glad someone took it over... WaMu evidently doesn't know what they are doing.

    Yeah tell me about it! We dont have any money but here is a check for 7.5mil so you can help us get back in the black!

    LOL
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    BES Noob's Avatar
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    Just checked Wamu stocks earlier this afternoon it was like .16 cents a share

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    .16 cents or 16 cents?

    Sounds like I should invest in these. Even just a hundred of them could make me a little money if they rise again.

    Ahh, the risks of the stock market....

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    money, money, money, money. . . .money!
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