WaMu Gives CEO $20 Million As Bank Fails
As WaMu employees fear for their jobs the CEO Alan H. Fishman is $20 million richer. Talk about a golden parachute! Fishman has only been on the job for 3 weeks and has made more than most of us will make in a lifetime for being CEO of a failed bank for 17 days.
Fishman was the former chairman of Meridian Capital Group, and was brought on to lead the failing bank out of mortgage troubles that lead to a $3.3 billion second-quarter loss.
More on Fishman:
|
Alan H. Fishman
Chief Executive Officer |
|
Alan H. Fishman serves as chief executive officer of Seattle-based Washington Mutual, Inc. (NYSE: WM), a national financial services retailer, serving the needs of mass-market consumers, as well as small and medium-sized businesses.Mr. Fishman has more than 25 years of experience as a senior executive in banking and financial services as both an executive and an investor.Until 2007, he was president and chief operating officer of Sovereign Bank. He joined Sovereign through its 2006 acquisition of Independence Community Bank, a leading community bank and multifamily lender in the New York area, where he had been president and chief executive officer since 2001. Recently he has been involved in a variety of business and civic activities, including serving as chairman of Meridian Capital Group, one of the nation’s largest mortgage brokerage firms and as chairman of the Brooklyn Academy of Music.Mr. Fishman held a variety of senior executive positions at Chemical Bank, a JP Morgan Chase predecessor and A.I.G. Prior to Independence Community Bank, from 1999 to 2000, Mr. Fishman was CEO of ContiFinancial Corporation.
He holds a bachelor’s degree from Brown University and a master’s degree in economics from Columbia University. |
According to the Securities and Exchange Commission, WaMu gave a $7.5 million bonus to Fishman when it hired him on Sept. 8, and guaranteed him a severance of $11.6 million — both of which he gets to keep.
Once again the CEO of a failing company walks away richer as the employees are left to fend for themselves.
MonkeyCrash is Your Source For Conservative Opinion
Comments
By Sciattica: Pain In My Butt on October 1st, 2008 at
Hey, it pays to go to be someone’s frat brother!
Have you ever seen a CEO bio where they mention something like, “Mr XXXXXX started in the mail room, and because of a good work ethic, honesty, perseverance and outside the box thinking, was promoted up the ranks to become a senior executive…etc”
I have seen that happen only one time and that particular executive was recently run off by another senior exec who decided to outsource parts of the company to India.
AL