Washington Mutual's CEO Alan Fishman, who was appointed in early September, will walk away with a $7.5 million hiring bonus and severance of $11.6 million. Now that's what I call one sweet deal. No wonder WaMu's slogan is WooHoo. I am sure he could visions of prosperity as he came on board, knowing that the ship was going down fast.
If Mr, Fishman worked a 40 hour week, his pay would work out to approx $159k an hour. Not a bad gig I'd say.
Do you think he will be applying for unemployment benefits? Or maybe just looking for the next bank he can "help" out?
No wonder we are in crisis with Wall Street, when we have this kind of stuff happening on a regular basis.
Bonita, I was thinking about this very thing but didn't do the math. With all the talk about reigning in CEO pay this is a perfect example and these are the people who are going to get bailed out with our money. He probably will apply for unemployment as he is intitled and golf balls aren't cheap.
Cameron ~ You are so right, golf balls are not cheap, and its important to have lots of new shiny ones in your bag. Anything we can do to help, I'm sure will be appreciated.
Bonita it is pretty sick if you ask me. No wonder there are so many issues with some of these banks. There is no need for anyone to get paid that kind of money when you are on the verge of bankrupcy.
Bill ~ Yet it keeps on happening, and the market keeps getting worse and the financial analysts and politicians cannot figure out why....
Bonita, yes, WAMU, Bear Sterns, Countrywide, Lehman= all great paydays. Guess we all know who will end up paying off those checks.
Home Run Realty - So where do we get in line for that type of payday? Oh thats right, we are the ones making the payouts, I forgot....
Great post!
People like this and especially Franklin Raines and Angelo Mozilo make me sick. I cannot believe the absolute crimes they have committed.