i have accounts with wamu and chase… wtf im screwwed
Just wow…
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.
Gotta loveit.
Guess who is going to pay for all of this, at least this is chump change in comparison to AIG and the gang…
ron paul has only been screaming about this fir a decade. good thing everyone ignored him and wrote him off as a loon.
x2
The only thing that will fix this shit going on right now is to elect Paul to president. These other 2 fucktards are going to do nothing to solve the problem.
He is not the only one though…
JackdUp’s plan.
- Elect Ron Paul.
- Disband Federal Reserve System and abusive levels of Fractional Reserve.
- Put the US Treasury back in charge of that area of the money.
- Do not allow non-asset backed money (even at fractional rates of up to 1/10 it’s all good).
- Tell the Global Economists to piss off.
- Make mortgages which are non-prime in nature not able to be combined in “mortgage collateralized debt packages” with securities that are not at the same approximate level of creditworthiness (makes tranches illegal).
- Force JPMorgan to disband into 4 distinct companies, splitting assets amongst the 4 new companies due to anti-trust violations (that the Fed has actually encouraged and enabled them to obtain).
- Enact tougher laws to punish severly anyone who launders debt the way these bastards have been doing.
- Enact Shareholder Rights to be able to veto golden parachutes for failed performers.
- Stop printing money like it’s monopoly money.
All of us should walk into work and demand our pay in Euros, lest we be destroyed by the American Greed.
your fine, WaMu should be FDIC insured, at least I think so… unless you have more then 100k in the bank you hsould be fine.
QFT