This is what is wrong with the USA

[PJ-Hunter]

The rich get richer and we get fawked!

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.

 

[woodzy]

I don't get how this type of thing is allowed? How do the businesses just let these guys do this? Is there not a board of trustees err something to police what the CEO's do?

 

[PJ-Hunter]

I wish there was. This guy is responsible for the failure of WAMU and yet he comes out smelling like a rose! For 19 million I could live the rest of my life with no worries, as could my kids and their future families!

 

[bigfoot]

The rich get richer and we get fawked!

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.

don't bail them out, let them fail. The ones that want to survive won't be doing that crap.

 

[skibreeze]

I wish there was. This guy is responsible for the failure of WAMU and yet he comes out smelling like a rose! For 19 million I could live the rest of my life with no worries, as could my kids and their future families!

The previous CEO is responsible, not Fishman. He just happens to be the luckiest bastard to just get hired. That S.O.B. made more per hour for 3 weeks than I make in a whole year!

Here's part of the article from MSN;

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.

 

[PJ-Hunter]

He still isn't worth 19 million! That is just F*ckin wrong!

 

[woodzy]

it's all bullsh!t. Why don't they go back on these CEO's who ran these corps into the ground and liquidate their assets?

 

[BigTruck]

Killinger was voted out by the board! Fishman was elected in by the board in an effort to keep from going under! Well it didnt work! Unfortunatley he gets the money!!

 

[SilverGriz]

Complete BS...will large corporations ever learn?

 

[winter brew]

Fishman will need that $$ for his legal defense. He sent a letter to stockholders just a week befre they folded that told them everything was fine and looking better and urged them to buy stock.....alot did and lost their a$$. I'm guessing he will be one of many being investigated.

 

[CuzzinOlaf]

Fishman will need that $$ for his legal defense. He sent a letter to stockholders just a week befre they folded that told them everything was fine and looking better and urged them to buy stock.....alot did and lost their a$$. I'm guessing he will be one of many being investigated.

Man that would be awesome if it is true.

 

[151Viper]

it's all bullsh!t. Why don't they go back on these CEO's who ran these corps into the ground and liquidate their assets?

2nd that

 

[bonz50]

sorry man, when the govt starts regulating compensation we are moving toward communism type economics... maybe you want that, i sure as hell don't... and for what its worth, most C-level executive do carry fudiciary responsiblity clauses in their contracts...

 

[justadude]

Not to defend anyone, but it is a fact that there are people who specailize in closeing businesses down. They usually make far more than you would think.

The rich get richer and we get fawked!

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.

 

[Original Tetonice]

But, But, But, His $19 million isn't tax deductable.

OT

 

[dragon12]

That $19 million dollars was for 18 days on the job! It seems criminal. I hope he chokes on it.

 

[modsledr]

Unfortunately, there is a limited supply of CEO's capable of running companies the size of these...this is simply a supply and demand issue...if one company doesn't compensate, then another will steal them away.

Severance packages are negotiated when they are hired, and when Killinger was hired nobody could foresee this as even a remote possibility. When he was fired the board replaced him with Fishman, who received a $19 million signing bonus again, at that time the company seemed savable. (Fishmans signing bonus is most likely not touchable...whereas Killiingers severance will be frozen by the bankruptcy of WaMu)...

Performance is another issue entirely. Obviously, these individuals didn't perform. Most have bonuses tied to performance. But their signing bonuses and compensation are set when they are hired.

It seems like a lot of money, but it is what the market demands. Because of the current financial crisis, CEO compensation is likely to increase, not decrease. This is because the CEO's that successfully navigate the tough times will be in even greater demand.

 

[Wolfrun]

Old Dick Cheny doesn't look so bad now. I think his severance from Halliburton
was something around 27 million and the democrats demonized him terribly. He doubled the size of the company in 5 years and made it close to the largest company in the country. The democrats still want to impeach him because he wouldn't reveal the names involved in his energy conference. It seems pretty damn petty compared to the goings on today. How about impeaching Barney
Frank? This whole thing makes me so mad I could just stand on my head and spit nickels!

 

[Ollie]

Complete BS...will large corporations ever learn?

Of cource they won't.
We keep BAILING THEM OUT.
Let the azzhole go under. Let the companies go broke. It will be good for the country in the long run. Get us back on track. We have gone so far off cource it isn't funny. You can do pretty much ANYTHING you want as long as you can pay off the right person or do so much damage they will have no choice but to let you get away with it.

Time for a good ol' fashioned revolution.

 

[Ollie]

This whole thing makes me so mad I could just stand on my head and spit nickels!

Could you hold off on that till I get there with a few bags. My 401k could use the help.