Posted on 09/26/2008 3:37:38 PM PDT by maggief
Alan Fishman could be eligible for a multi-million paycheck after only three weeks on the job ... if he decides to keep it.
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.
(Excerpt) Read more at money.cnn.com ...
That’s insane.
Keep an eye on Steel’s take:
Wachovia hires a Treasury insider to lift it out of its banking woes
By Eric Dash
Published: July 10, 2008
From his perch inside the Treasury Department, Robert Steel has wrestled with the troubles plaguing America’s financial industry. Now he will confront those problems up close at the Wachovia Corporation, one of the nation’s largest banks.
On Wednesday, Wachovia ended its six-week search for a new leader when it named Steel, the under secretary of the Treasury for domestic finance, as its chief executive.
(snip)
Steel, a former vice chairman at Goldman Sachs, played a crucial role in formulating the Bush administration’s response to the running crisis in the mortgage markets. He also championed a controversial plan by Treasury Secretary Henry Paulson Jr., a colleague at Goldman, to overhaul the financial industry’s regulatory apparatus.
(snip)
//
http://freerepublic.info/focus/f-news/1965976/posts
Duke bolsters legal team in fighting lawsuit (Duke Hires Jamie Gorelick)
The Herald-Sun (Durham) ^ | Feb 6, 2008 | By Ray Gronberg
Posted on Wednesday, February 06, 2008 1:14:50 PM by Ken H
DURHAM — Duke University has added a former deputy attorney general of the United States to the legal team that will defend it against a federal civil-rights lawsuit filed by three members of the 2005-06 men’s lacrosse team.
Court papers filed this week indicate that Washington, D.C., attorney Jamie Gorelick will assist two Greensboro litigators in representing the school.
They’re also the attorneys of record for the Duke University Police Department, Board of Trustees Chairman Robert Steel, school President Richard Brodhead and numerous other university officials.
(snip)
the fools that gave this CEO a contract should have to pay him with their salaries... that’ll learn them for not looking at the books before spending other people’s money.
I just spent a bit of time emailing EVERY Democrat in the Senate with the following information:
Dear Senator (fill in the last name):
Did you know who started the subprime markets ... Jimmy ‘the Hammer’ Carter (forced upon the mortgage lenders).
Do you know who came up with the zero-down idea ... that would be the Clinton Administration.
Do you know who put all of those lame concepts to work? That would be a Democrat controlled congress.
Do you know who tried to put an over-sight department on Fannie Mae and Freddie Mac? That was the Bush administration ... and it was shot down by the Democrat congress.
Do you know that two of Obamas economic ‘advisers’ were given control of Fannie Mae and Freddie Mac by the Clinton administration and they both sucked about $100-million dollars out for their ‘service’ before walking away?
Why are people so short on the real history? Simple .. because they trust what they read/hear from the wrong sources (that would be the major media) and are to lazy to GO GET the truth.
Nearly EVERY single failed welfare program in the country (and that would be ALL of them) were ‘dreams’ of ‘change’ by Democrats and they are all major failures.
If the Democrat Party was a forest .... 80% of the trees would be dead and all of their speeches would paint a picture of the beautiful forest they created. So ... instead of all the rhetoric demeaning Republicans ... how about somebody sending me a list of all the wonderful, successful and spectacular things we have that were created at the hands of the Democrats.
I await your reply,
S/S
retired
phone and address
“If we do not protect life, there is no reason to fight for any other cause.”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NOW, do I have to email them again about the absurdity of CEOs getting filthy rich at TAXPAYER’s expense?
NO MAN or Woman is worth more than the President's yearly salary. This insanity has GOT to be stopped. ESPECIALLY when the idiot-CEOs don't have to worry about obtaining all their “perks” even if they run their corporation into the ground.
About what I made from my business. Whoops - guess I need new glasses. Confused the “.” after the 18 in my bank account with the M after his.
That’s how the American people are robbed blind.
These guys have been set up in sweetheart deals, IMO. They are all in bed together.
http://abclocal.go.com/wpvi/story?section=news/business&id=4886556
Sovereign will pay Fishman a $4.56 million lump sum, as well as other severance compensation valued at $2.58 million.
Fishman’s other severance compensation includes an annual lifetime retirement benefit of $532,000, a pro rata portion of his annual bonus of about $758,000, and accelerated vesting of his equity awards valued at $1.29 million.
Ping to post #3
So...your saying that if I work hard, build a business and sacrifice damn near everything I should only be allowed to collect $400,000 a year?
We call that COMMUNISM, look it up!!!
This is crazy. Who pays him? They couldn’t meet their obligations and were taken over by the FDIC so where’s the money gonna come from?
that's crazy! you're worth what you're worth... what someone is/people are willing to pay... that's capitalism... it works...
Hey, at 8 hours a day, for 15 days work, thats only $150,000 per hour.
I don't know how these people get by on just 150k per hour?
I'll bet if they would have paid him more, he would have done a better job.
“Where’s the money gonna come from?”
Us patriots?!
No, he worked 5 days a week, for 3 weeks. At 8 hours per day, I get $150,000 per hour.
LOL...
Not when we are bailing out their @sses!
Oh boo-freaking-hoo.
This guy was (I’m speculating here) not living under a bridge and had another job before being approached to join WaMu. (You don’t get a CEO job by mailing out resumes.)
The deal he made with WaMu involved a bonus for signing and a severance package if he was terminated. Such provisions are not at all unusual with solvent companies and any competent exec asked to join a shaky bank would demand such terms.
The fact that the bank failed 3 weeks into his contract is not his fault.
Any pressure to deny Fishman full payment under the terms he negotiated in good faith is unwarranted and, IMHO, despicable.
Leave this sort of anti-free market garbage to the left.
That’s right and I’m really, really getting sick of this crap!
It works like this: The people at the top decide what everyone else's salary will be. They also vote for the size of the bonuses. In voting for a large salary for someone else, they hope that that person will vote for a large salary for them. It's easy when you are helping to decide what everyone gets paid.
The little people way down the rungs can't help you get a bigger salary, so you care nothing about them. In fact, the more of them you fire and increase the workload for the leftovers, the more money you have for yourself and the Board.
What airline was that a few years back that negotiated a contract with the pilots and attendants for lower wages, and then promptly gave themselves bonuses? And didn't Kraft do that to their employees not too long ago?
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