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View Full Version : Government Bailout or Corporate Cushion !!!!!


Jimmauburn
10-01-2008, 01:30 PM
Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.

If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:

WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.

Fishman got the best temp gig in history.

Jimmauburn
10-01-2008, 01:47 PM
To be fair, Fishman wasn't the one that took WaMu down a path lined with toxic mortgages and other bad assets. No, that role belonged to former CEO Kerry Killinger, who received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.

Other execs are also cashing in big. President Stephen Rotella gets $12.7 million in cash if he's terminated or quits with "good reason," according to the Portland Business Journal. And CFO Thomas Casey would get a cash severance of $6.3 million.

And WaMu shareholders got huge payments of...oh, wait. The stock is worthless. Shareholders got wiped out

Maristar210
10-01-2008, 01:52 PM
Somebody is angry.

Is your name Steve too? :D

Skipper
10-01-2008, 02:08 PM
In my line of work, if you suck at your job you either get killed or relieved. There are no severence pay bonuses. :cool:

TMCNo1
10-01-2008, 03:04 PM
I once knew a Top Executive hooker who sucked at her job and got a big bonus too!http://smileys.smileycentral.com/cat/36/36_19_2.gif

Skipper
10-01-2008, 03:05 PM
I once knew a Top Executive hooker who sucked at her job and got a big bonus too!http://smileys.smileycentral.com/cat/36/36_19_2.gif


Do you kiss your momma with that mouth? :D

TMCNo1
10-01-2008, 06:08 PM
Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.

If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:

WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.




Fishman got the best temp gig in history.


This is why the bailout is taking place, corporate greed!
Why did the SOB receive so little money for just three weeks, hell it's only shareholders money, why didn't he go for $38 million or more and make it worth his ----ing time!

dooger
10-01-2008, 08:01 PM
Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.

If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:

WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.

Fishman got the best temp gig in history.

While i find it disgusting the money certain CEO's make for the work they do... Isnt there some type of board of Directors who vote these CEO's their salaries? There has been a lot of whining going on around the nation lately about the amount of money these CEOs make and this is just the camels nose under the tent when the Govt. tries to dis-allow the big money for these bankrupt banks, let the board of directors suck it up and pay, tough times for all, but We should weather this. Govt. needs to start trying to get the the roads and Army/Navy/Air Force/Marines in better shape well funded! before they start sticking their nosey richard heads where they dont belong. This is s'posed to be a free market economy... but the way things are going it is starting to look a lot less free
just one opinion from a small (emphasis on small) self employed dummy.
PS i aint busting at you Jim... just throwing this out there.

TMCNo1
10-01-2008, 08:18 PM
While i find it disgusting the money certain CEO's make for the work they do... Isnt there some type of board of Directors who vote these CEO's their salaries? There has been a lot of whining going on around the nation lately about the amount of money these CEOs make and this is just the camels nose under the tent when the Govt. tries to dis-allow the big money for these bankrupt banks, let the board of directors suck it up and pay, tough times for all, but We should weather this. Govt. needs to start trying to get the the roads and Army/Navy/Air Force/Marines in better shape well funded! before they start sticking their nosey richard heads where they dont belong. This is s'posed to be a free market economy... but the way things are going it is starting to look a lot less free
just one opinion from a small (emphasis on small) self employed dummy.
PS i aint busting at you Jim... just throwing this out there.


There is a Board of Directors, but they're getting their piece of the pie too!

jraben8
10-01-2008, 09:27 PM
There is a Board of Directors, but they're getting their piece of the pie too!

True, they continue to vote each other to the top position of the each respective company. That way they all get their own and we get the sharp end of the screwwwww...

TMCNo1
10-01-2008, 10:23 PM
True, they continue to vote each other to the top position of the each respective company. That way they all get their own and we get the sharp end of the screwwwww...

And from what I've read, a lot of these Board of Directors of these major corporations/companies are former Political appointees/Diplomats, Mayors, Congressmen, Senators, Governors, Vice Presidents and even Presidents who pad their already healthy Pocket Change, Investment income, Retirement and Health Care Plans that they have already received from previous careers and our government, because they have great amounts of clout and lobbying power to exercise on behalf of those companies they are on the boards of, then add to that the $50,000+ per speaking engagements around the country and you can see how they could care less about the stock market, mortgages, utility bills or the price of gasoline. They can't spend, form foundations and give the money fast enough.

LakePirate
10-01-2008, 11:12 PM
Jealousy is an ugly thing.

dapicatti
10-02-2008, 01:06 AM
Unfortunately CEO pay is based on other opportunity passed up, ie who is going to hire this guy next? It's possible he won't recieve the back end of the payout but the incentive paid up front is earned when he took the job. This guy will be toxic for quite some time.
Doesn't make it right, but that's how the big boys play the game.