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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default WaMu: CEO paid $20 million for 17 days on the job

    And these are the people taxpayers are supposed to be bailing out?


    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.

    http://www.nytimes.com/2008/09/26/bu...l?ref=business

    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.
    Last edited by voivod; 09.26.08 at 10:45 AM.
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  2. #2
    Baluchitherium loveevhsince79's Avatar
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    10.23.15 @ 04:49 PM
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    Default

    Quote Originally Posted by voivod View Post
    And these are the people taxpayers are supposed to be bailing out?


    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.

    http://www.nytimes.com/2008/09/26/bu...l?ref=business

    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.
    I believe this will come out of JP Morgans pocket since they bought them.
    Life may not be the party we hoped for, but while we are here we might as well dance.

    Live simply. Love generously. Care deeply. Speak kindly.

  3. #3
    Atomic Punk ZeoBandit's Avatar
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    12.14.17 @ 05:57 AM
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    That is rediculous. I've heard the AIG CEO is getting a huge package as well.
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

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  4. #4
    Atomic Punk Viking's Avatar
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    12.14.17 @ 03:26 PM
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    Quote Originally Posted by ZeoBandit View Post
    That is rediculous. I've heard the AIG CEO is getting a huge package as well.
    They can do just about anything with a little surgery these days, can't they?
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  5. #5
    On Fire Eddie's Littler Monster's Avatar
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    07.14.17 @ 10:27 AM
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    Default

    WaMu's troubles certainly started more than 17 days ago. I mean what could he honestly do at that point? It seems more like we should ask WaMu why they would pay someone that much, more than we should ask Him why he would take it.

  6. #6
    5150 Edson's Avatar
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    11.14.12 @ 08:49 AM
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    Default

    How do I apply for that job?

  7. #7
    Atomic Punk
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    05.31.14 @ 08:17 PM
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    Default

    It's called a "Contract" and it's binding.

    Here's how it works:

    Your company needs a new CEO. You can promote from within or bring in someone from the outside. If your company isn't doing well then it's better to bring in a new guy. So you look at prospective candidates and review their track record. If they seem to have abilities that you need then you approach them and negotiate a "Contract". The candidate says that if he is going to work for your company then he wants to be paid X amount. Some of that is monthly/yearly salary and some if it is long-term benifits and dividends in the form of stock options or something else. Your company runs the contract by the board of directors or company review board and if they approve then the contract is signed and the guy comes to work for you.

    If your company goes tits-up 17 days later that's not his problem and your contract says that you still have to pay him.

    I'm not saying that it's right but sometimes the right CEO can save your company and make enough profit that 17 million is pocket change.

    WaMu has had questionable business practices since I ran into them in 1997. They are idiots and deserve the economic ass-rape that will soon happen to their corperate hiarchy.
    "Nothing is ever what it seems but everything is exactly what it is." - B. Banzai


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  8. #8
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    Quote Originally Posted by Axxman300 View Post
    It's called a "Contract" and it's binding.

    Here's how it works:

    Your company needs a new CEO. You can promote from within or bring in someone from the outside. If your company isn't doing well then it's better to bring in a new guy. So you look at prospective candidates and review their track record. If they seem to have abilities that you need then you approach them and negotiate a "Contract". The candidate says that if he is going to work for your company then he wants to be paid X amount. Some of that is monthly/yearly salary and some if it is long-term benifits and dividends in the form of stock options or something else. Your company runs the contract by the board of directors or company review board and if they approve then the contract is signed and the guy comes to work for you.

    If your company goes tits-up 17 days later that's not his problem and your contract says that you still have to pay him.

    I'm not saying that it's right but sometimes the right CEO can save your company and make enough profit that 17 million is pocket change.

    WaMu has had questionable business practices since I ran into them in 1997. They are idiots and deserve the economic ass-rape that will soon happen to their corperate hiarchy.
    yeah, I guess some morals goes out the fucking window when a binding "contract" is in play...
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  9. #9
    Gird your loins Daisy Hill's Avatar
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    12.15.17 @ 05:43 PM
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    Default

    Quote Originally Posted by Viking View Post
    They can do just about anything with a little surgery these days, can't they?
    I on the other hand can report that I have been paid $17 dollars for 20 million days of work.... actually, it just feels like 20 million days but it really is $17.

  10. #10
    Hot For Teacher tito5150's Avatar
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    Default

    If any banks or large companies are hiring, I will run you in the ground for a bargain 10 million dollars$$$$$$$$$$$$$$$$$$$$$$$$$$$

 

 

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