Anyone who has ever read my ramblings knows, I want a job where I can make umpteen million for taking a company to the ground. Rather than write what I read in the paper today, here is Chris from Americablog.
Kinda like being a failed CEO of Merrill Lynch ($161 million O'Neal and 9-months-for-$200 million Thain) or Citi ($40 million for Chuck Prince) or Bear Stearns (James Cayne for $61 million) or Countrywide (Angelo Mozilo for $110 million) or Lehman Brothers ($2.5 BILLION bonus fund after failing) or AIG (Maurice Greenberg selling $1 BILLION in AIG stock after the bailout). The latest prime example of Washington Mutual (WaMu) CEO who worked a whopping THREE WEEKS who is entitled to $18 million. Since when did being a failure become a recipe for financial success in America? This is what the Republicans have done to our system that used to reward hard work and success but now only rewards failures at the top. Some kind of message we're sending to everyone.
Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
But will Fishman follow the lead of another troubled financial firm and turn his severance package down?
JPMorgan Chase (JPM, Fortune 500) grabbed up the banking assets of WaMu on Thursday after federal regulators seized the company, making it the largest bank failure in history.
JPMorgan Chase CEO Jamie Dimon said in a conference call with reporters Friday that no decisions have been made about the fates of WaMu senior executives.
Back again, I normally rather do my own research, but as I was compiling links, I found this.