Friday - September 26, 2008
I don’t want to agree with Nancy ever, but …
And another bank down, another house gone, another one bites the dust.
Yeah right, and WaMu didn’t know this was coming? They didn’t know they had already jumped off the cliff before they hired him? Oh, he was Magic Jeezus sent down from Heaven to save them at the last second with a box full of miracles? My ass. I’m beginning to think that creative accounting should be a double capital offense. The .45 caliber kind, as well as the fiscal kind.
Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation’s largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.
But don’t cry for Fishman, who reportedly was sky-high — literally — last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he’s only been on the job for less than three weeks, he’s bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.
That’s right, $20 million for 17 days on the job ... and his company failed.
Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.
According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.
Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant’s loses climbed to an estimated $20 billion.
Posted by Drew458
on 09/26/2008 at 12:46 PM
Filed Under: • Finance and Investing •
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