WTF????? ----> WaMu CEO: 3 weeks work, $18M

[CA95380]

If this has already been posted, my bad, sorry, and opps! I saw this on morning news and after my jaw dropped I started looking for a link. I found it! All I can say .... is WTF????????

NEW YORK (CNNMoney.com) -- 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.

WaMu CEO: 3 weeks work, $18M
Alan Fishman could be eligible for a multi-million paycheck after only three weeks on the job ... if he decides to keep it.

WaMu CEO Fishman might get millions for a three-week job - Sep. 26, 2008

 

[CA95380]

Not one person has found this interesting

Fishman had a base annual salary of $1 million, which translates to $19,230 per week. So during his three weeks on the job, he would receive a base pay of about $60,000 before taxes.

So shoot me for a shameless .... bump.

 

[Navy1960]

This does nothing bet verify that Wall Street likes to reward irresponsibility CA, look at this bailout bill, there are many examples of this kind of excess. The interesting thing here is the Board approves this sort of thing and the board is supposed to be held accountable by the stock holders which is a complete joke. Just look what Jeffery Immelt who has been the CEO of G.E. for years and makes a least 3 million a year, year after year and that does not include bonus and other compensation. The trick here is the company has been bleeding money since he took over, but yet the board keeps giving him the salary. So this is no surprise.

Immelt's GE Sees $3B Q4 Loss, Inks $500M Qatar Deal - Forbes.com

 

[CA95380]

Good link Navy .... thanks.

 

[DavidS]

If this has already been posted, my bad, sorry, and opps! I saw this on morning news and after my jaw dropped I started looking for a link. I found it! All I can say .... is WTF????????




WaMu CEO Fishman might get millions for a three-week job - Sep. 26, 2008

disgusting. absolutely disgusting. he should give that money back to the shareholders.

 

[CA95380]

disgusting. absolutely disgusting. he should give that money back to the shareholders.

Greed. It is all about Greed. In all of the large companies. And what amazes me is that Washington, DC is actually buying this "bail out" deal. I guess they think the rest of we citizens are stupid?

But at this point ... what can Joe or Jane America do about it? I do not see us being able to do squat about it?

 

[Navy1960]

Good link Navy .... thanks.

Anytime CA, You would think as a GE stockholder I would be really mad about this, but I got upset a long time ago and found out it doesn't do much. These boards know nothing about ethics anymore and responsibility. I thought at one time but don't know how much good it would do, that a board member and senior management must sign an ethics statement that requires them to accept some responsiblity for their salary and their companies actions.

On Aug. 12, 1985, Japan Airlines Flight 123 crashed after taking off from Tokyo International Airport killing 520 people. In the aftermath, JAL president Yasumoto Takagi personally visited and apologized to families of every victim, and then he resigned. In Japanese culture, this was a question of honor.


Until American Executives learn that responsibility goes beyond the collection of a massive salary and the boardroom we will all continue to pay for their mistakes. I thought that littel story might show how another CEO reacted when his company was "irreponsible"

 

[CA95380]

I totally agree with you. But what I don't understand is why anyone is buying the concept of this "bailout". I admit I am simple minded ... but this shit stinks and no one seems to see it except "normal American citizens". I just do not get it.

 

[Navy1960]

I totally agree with you. But what I don't understand is why anyone is buying the concept of this "bailout". I admit I am simple minded ... but this shit stinks and no one seems to see it except "normal American citizens". I just do not get it.

Honestly, I think most Americans are pretty mad about this bailout in general. One thing that I find as striking in all this is that at least to me anyway, it just shows that congress has no interest in it's real duty of representing the American people.

 

[AVG-JOE]

Greed. It is all about Greed. In all of the large companies. And what amazes me is that Washington, DC is actually buying this "bail out" deal. I guess they think the rest of we citizens are stupid?

But at this point ... what can Joe or Jane America do about it? I do not see us being able to do squat about it?

I realize this sounds trite, considering our economy but, what if we started some more threads about badly behaving corporations and encouraged each other and our circles of influence to not do business with them?

It ain't much, but it's something...

-Joe

 

[Otter_Creek]

I don't think there's anything we can do to get their salary lowered.These guys are pros at covering their butt, then walk away from a failed company with twenty million and more in their pocket while the share holders lose their ass.
It's brutal and I'd love to see it stopped.

 

[Paulie]

Greed. It is all about Greed. In all of the large companies. And what amazes me is that Washington, DC is actually buying this "bail out" deal. I guess they think the rest of we citizens are stupid?

But at this point ... what can Joe or Jane America do about it? I do not see us being able to do squat about it?

You can keep the pressure on your representatives, and get proactive in your community to get others who feel the same way as you to pressure their reps as well.

If enough of us show them their seats are in jeopardy, they will listen. If we sit back and simply bitch on message boards, they win.

Leave your house, and canvass your neighborhood. Get active. It's the only way.

This bailout can not be approved. If it gets passed, we're screwed.

 

[CA95380]

I realize this sounds trite, considering our economy but, what if we started some more threads about badly behaving corporations and encouraged each other and our circles of influence to not do business with them?

It ain't much, but it's something...

-Joe

Excellant idea!

 

[CA95380]

You can keep the pressure on your representatives, and get proactive in your community to get others who feel the same way as you to pressure their reps as well.

If enough of us show them their seats are in jeopardy, they will listen. If we sit back and simply bitch on message boards, they win.

Leave your house, and canvass your neighborhood. Get active. It's the only way.

This bailout can not be approved. If it gets passed, we're screwed.

Very good points. I do talk to friends, family, and neighbors. But I think 'this time' it might be too late .... to actually "do" anything about it? By sending letters this late in the game might not do much ... but as you say "This bailout can not be approved. If it gets passed, we're screwed." Wraps it all up in a nutshell. Most people do sit on their butts and just bitch, moan and complain .... and pray for the best.

 

[Navy1960]

One thing to take into consideration too is more and more people need to stop signing "proxy" statements when they own stock in a company so that a broker or investment firm can vote for them. Can you imagine if every average Joe "no pun intended" that owned GE stock showed up at shareholders meeting to actually vote for the new board of directors or approve of executive compensation?

 

[dilloduck]

disgusting. absolutely disgusting. he should give that money back to the shareholders.

Fishman ? Never happen.

 

[Navy1960]

I would like to see that happen, I bet that money was offshore so fast the ink wasn't even dry on the check.

 

[sealybobo]

If this has already been posted, my bad, sorry, and opps! I saw this on morning news and after my jaw dropped I started looking for a link. I found it! All I can say .... is WTF????????




WaMu CEO Fishman might get millions for a three-week job - Sep. 26, 2008

It almost seems as if these companies were purposely bankrupting themselves. The CEO's walked away rich and power was consolidated into fewer hands. Genius.

 

[Paulie]

Very good points. I do talk to friends, family, and neighbors. But I think 'this time' it might be too late .... to actually "do" anything about it? By sending letters this late in the game might not do much ... but as you say "This bailout can not be approved. If it gets passed, we're screwed." Wraps it all up in a nutshell. Most people do sit on their butts and just bitch, moan and complain .... and pray for the best.

Apparently it wasn't too late, because from what I've been hearing, the pressure from constituents shares a lot of the credit for the "NAY" votes today.

Don't stop NOW! Keep the pressure on them! Keep calling and writing your reps!

 

[Zoomie1980]

If this has already been posted, my bad, sorry, and opps! I saw this on morning news and after my jaw dropped I started looking for a link. I found it! All I can say .... is WTF????????




WaMu CEO Fishman might get millions for a three-week job - Sep. 26, 2008

This is just another facet of the excesses that recessions are designed to purge from the system. What we have here is a "celebrity" status with the world of senior Wall St executives. A kind of inside club that will have to be broken up.

I'm a big free market guy, and believe most executives are honest, hard working folks with rare skills worth their comp. but schemes like this ruin the trust CEO's and other executive suite people MUST have with their employees for companies to be successful over the long haul.

When companies loss money, CEO's should get nothing more than a base salary. There should be no "bonus" for bad performance. Severance is something companies give for long terms of service. If you get no severance after a few months of employment, you CEO shouldn't either.