Posted on 09/26/2008 2:31:32 PM PDT by kms61
Washington Mutual Inc.'s new CEO, Alan Fishman, will be eligible for at least $12.65 million or more in salary and bonuses next year, the company said Thursday in a securities filing.
Fishman, who replaced Kerry Killinger as CEO on Monday, also received a $7.5 million signing bonus for joining the company, according to a regulatory filing made with the Securities and Exchange Commission.
Under his employment agreement, Fishman will receive a base salary of $1 million, a target bonus of up to $3.65 million and a long-term incentive award starting in 2009 of at least $8 million.
In addition, he is eligible for stock awards that include 612,000 restricted shares, which will vest over three years. He could also receive options to buy 5 million additional shares, with some of the shares vesting over time and some vesting linked to the shares' performance.
Under his employment agreement, Fishman, 62, could also be eligible for
(Excerpt) Read more at businessweek.com ...
This is why WAMU is no more. The company was obviously run by a pack of imbeciles and nincompoops.
This seems reasonable. I am available for $12.2 million
for an equivalent 21 days work. Freepmail me.
When did greed become a conservative principle?
Not really, well maybe some of them. For example Kerry Killinger was the CEO for about 19 years. Her made a whole lot of money for a whole lot of people over the years. He was young for such a veteran CEO, and he could have retired years ago and relaxed the rest of his life. Kerry loved WaMu and believed in the company. Someday, when we drain the swamp in Washington DC, we’ll find out the real reasons for all this housing mess. Congress and lawyers have been pressuring lenders to provide “affordable mortgages” for the low income people. They even sued WaMu any time they thought WaMu was trying to rein in the more risky paper. Kerry started trying to put the brakes on this in 2004 or 2005, and really worked on pumping up the retail banking side of the house in order to try to stave off the upcoming liquidity problem. Sure, he should take the blame, after all, he was the captain of the ship. In the last couple of years he gave up a lot of his bonus and took compensation in stock options. Stock Options are only valuable if your company survives.
We're not talking about greed here. We are talking about why they get a golden parachute. There is a finite number of people that are capable of running a large corporation. The laws of supply and demand determine salary and incentives. Capitalism!
Capitalism is not without its own set of principles and rules. Those rules can change. Golden parachutes should be based on performance of a company. It's obscene to give the new CEO millions when the company went bankrupt.
We may have markets, but we do not have absolutely free markets. If we did, then prostitutes would be offering their services on every street corner in America. But they aren't because we have laws against that market in most states, and it is regulated in at least one.
If corporations do not learn to discipline themselves, then the share holders should have more say about golden parachutes. Or the government may start to impose some rules for the sake of controlling the greed of corporate officers.
Is there something fishy about Fishman? Too much money for someone who hasn’t produced so far.
I’m got a mortgate by WaMu and I want the company to be lean and clean and honest.
Otherwise, lower my mortgage.
Wow... So why not a billion dollar CEO? If supply and demand warrant it.
You are acting like human beings aren’t human beings. That everyone is moral and good and nobody scratches anyone’s back.
This dellusion has to stop.. there needs to be checks and balances to greed and highway robbery.
I could of run that company for 3 weeks. I would of sat in my chair and waited for the FDIC to come and takeover.. which they would of anyways.. I would of done it for 500,000. I would of been cheap.
And Mr. Fishman is earning his pay.
You guys have no clue what you’re talking about.
I am just stating my frustration about how these CEO's think that they are SOoooo importatnt that they should take such a large severance, even after running the buisness that they were hired to GROW, right into the ground.
This should shock you.....
That being said, if that kind of severance is in their contract then that is what they should get.
Maybe scale it back on the next CEO......
Thank You!
Thank YOU!
again...mebbe for the last time...post #1 was not the severance, not the bailout, but instead was a 3 week old article on the hiring of the NEW CEO Fishman after the firing of the OLD CEO Killinger who had taken WaMu from $7 billion company to a $300 billion company in 19 or so years (ie, made lotsa mullah for some people). Fishman’s paychecks are probably NOT in the mail!
I thought about it some more and I would have done it for 100000. Easy money.
You say we don’t have a clue. Then educate us instead of being a jerk about it.
As was repeatedly explained by someone who was on the call today, the guy is still working for the company, the deal was agreed to as his attempt to RESCUE the firm when he was signed on, and the financial environment deteriorated tremendously.
Maybe I can put it in terms you can understand. If your favorite team (whatever sport you watch) has a bad year and they sign a hot new player for a lot of cash, and then have another bad season because of a bunch of injuries occur across the rest of the team, are you going to begrudge the hot new player?
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