Posted on 09/26/2008 11:04:22 AM PDT by reaganaut1
WaMu's demise is discussed by Steve Sailer at http://isteve.blogspot.com/2008/09/washington-mutuals-last-press-release.html .
Just ask the folks at Bear, Stearns or Lehman Brothers or AIG. I wonder how diverse their workforce was?
Gotta love that social engineering!
http://isteve.blogspot.com/2008/09/washington-mutuals-last-press-release.html
Contact us at www.jpmorganchase.com
I guess they should’ve been paying more attention to their business than trying to spread their political agenda. I’ve seen these activists take hold within a company and just come up with these asinine diversity programs that add no value to the bottom line.
wait... strike that... start over...
CELEBRATE ABILITY
CELEBRATE INTEGRITY
CELEBRATE MORALITY
swell
Diversity is one of the main reasons why we are in trouble. We catr to ethnicticity and gender, instead of putting the best person in charge...This financial collapse has been caused by being “Diverse”, and if we don’t do somethig about it now aour nation will fail!
Liberal Democrat have ruined our country and put it on the road to socialism!!
As of Sep 11, 2008, this article was published. In March 2008, WaMu reduced the former CEO’s salary package from $14 million to $5.63 million because of the company’s poor performance. See: http://www.reuters.com/article/bankingFinancial/idUSN1444371820080317 However, the new CEO gets $20 million salary package.
Thursday, September 11, 2008 | Modified: Friday, September 12, 2008
Washington Mutual’s new CEO Fishman gets $20M package
Puget Sound Business Journal (Seattle) - by Kirsten Grind
Washington Mutual’s new chief executive will receive a salary and incentive package worth more than $20 million through 2009 for taking the helm of the battered Seattle-based bank.
The pay package details were released by the bank in a regulatory filing at the close of business Thursday — a day that saw the company’s stock dip below $2.
Shares of the company (NYSE: WM) closed at $2.83, up about 22 percent compared with Wednesday’s close. It briefly traded as low as $1.75.
Alan Fishman, 62, who replaces ousted chief executive Kerry Killinger, will receive an annual base salary of $1 million, a sign-on bonus of $7.5 million and an annual bonus of 365 percent of his base salary, or of $3.65 million. WaMu declined to comment on the pay package.
If he stays for the full year, he’ll receive a long-term incentive award of no less than $8 million, according to the Security and Exchange Commission filing.
Fishman also will receive options to purchase 5 million shares of the company and 612,500 restricted shares, which will vest at an annual rate of 33.3 percent over three years if he’s still employed. The options will have a term of seven years and will vest based on his service and company performance, although a quarter of those shares, or 1.25 million, will vest after one year regardless of performance.
If Fishman is fired or resigns as a result of “constructive termination,” he’ll receive a golden parachute within 10 days, worth 2.5 times his current base salary and his annual bonus of the preceding year.
Killinger’s annual pay has been estimated by various news sources at about $15 million.
Also on Thursday, WaMu made the unusual move of releasing mid-quarter performance figures. The company expects its loan loss provisions to drop $1.4 billion in the third quarter to about $4.5 billion.
At the end of August, the company’s retail deposit balance remained at a flat $143 billion, unchanged from the end of 2007. WaMu also said it “continues to maintain a strong liquidity position” with about $50 billion of liquidity from reliable funding sources. Its capital levels are above regulatory requirements, according to the bank.
No wonder people are upset. I am!
I hope the shareholders were democrats and maybe WAMU can send JP Morgan those awards to replace their shares in WAMU.
It seems countries and companies so set on diversity, tend to fail a lot.
Nothing wrong with diversity if as you suggest, it is accompanied by competence. Not the case, I’ll wager.
I have one of their VISA cards. I wonder if that will be a Chase card now.
Isn’t it WM that runs those ads about their competition featuring mostly old white guy bankers in suits? I suppose that was part of their effort to be hip and trendy. Didn’t seem to work.
Diga adiós a la diversidad.
Congressman Billybob
The Declaration, the Constitution, parts of the Federalist, and America's Owner's Manual, here.
I was relieved to find them when I moved to NY a year and a half ago, but dismayed to find that they were just a B of A wannabe.
My ex-husband left unexpectedly for a girlfriend, leaving me with all the bills, including the mortgage. (Our mortgage company had been purchased by WAMU the year before.) I got a few months behind on the mortgage, and once the money was stable, I worked out a payment plan where I was paying 1200 extra month to catch up. I paid once at a branch, and it took them 10 days to apply the payment. I had one “representative” I was ALLOWED to talk to, and he called and told me if I paid a one-time payment of 6,000 I would be caught up. If I didn’t, they would start foreclosure. I tapped all of my funds, went without groceries, borrowed money from my parents and paid that money. I wasn’t allowed to pay at a bank, only through Western Union, which took 3 separate payments. I also asked for a payment history, which he never sent.
A month later I get a call from the same representative (who happened to be African American), claiming I didn’t pay. I had proof of payment, which I faxed to him. Turns out they had accidentally put all of the payment in escrow and wouldn’t pull it back out. I asked for a payment history, and he refused to send it. I asked to talk to a supervisor, and he wouldn’t let me. He called me names and told me I was a deadbeat, and that I would be homeless, while he would be returning to his home at night, because HE paid his bills. Again, he insisted I pay another $6,000 within 2 weeks or they would start foreclosure.
After crying for about 30 minutes, I decided not to pay them a cent more. I used all my mortgage budget to get the house ready for sale and move into a rental. I sold the house for slightly less than market value but sold it after 2 days on the market.
I have never forgiven WAMU or that representative for how I was treated. They ran their business poorly (10 days to post a payment made in person? My credit-union posts my payments immediately) and treated their customers like garbage.
“Isn’t it WM that runs those ads about their competition featuring mostly old white guy bankers in suits?”
Yes. What was so evident in their ads was their anti-white bias. If the races were reversed they would have been accused of racism. I was deeply offended by their ads. Good riddance to this stupid bank.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.