I find it amazing that this article has in the title that the CEO is "entitled"......Um....isn't this a failed bank? I think he should be "entitled" to NOTHING. What type of severance would they be giving their employees that are replaced? 
CEO of failed WaMu could get millions
Friday September 26, 4:29 pm ET
By Marcy Gordon, AP Business Writer
CEO of failed Washington Mutual entitled to millions after few weeks on job
WASHINGTON (AP) -- The CEO of failed Washington Mutual Inc., on the job only a few weeks before the nation's largest thrift was seized by the government and sold to JPMorgan Chase & Co., is entitled to more than $13 million in severance and bonus pay.
Alan H. Fishman signed an agreement that provides around $6 million in cash severance and retention of his signing bonus of $7.5 million if he were to leave his job, according to a company filing with the Securities and Exchange Commission.
Ya know there's just something wrong with this entire picture and it really is starting to stink. 
Copy & paste to friend: (Click inside box; Ctrl + C to copy; Ctrl + V to paste)
|
|
read more blogs!
Blogs by jamie63:
|
|
|
|
|
| WaMu CEO "Entitled" to millions? Isn't this an oximoron |
|
|
|
|
|
|
MrPaul
|
Sep 26 @ 9:00PM
|
|
  Hangem high 
|
|
wolfmist
|
Sep 26 @ 9:57PM
|
|
|
Hopefully with the amount of public outrage over all this crap, the companies will wise up and send these guys packing w/o the shirt and tie they wore into their interview let alone millions.
|
|
jamie63
|
Sep 26 @ 10:03PM
|
|
|
I hope so too....
|
|
iglooo101
|
Sep 26 @ 10:23PM
|
|
the real thing is
the higher the position, the closer it gets POLITICISED
in other words..no one, based on his or her MERITS ALONE can be a CEO
you have to be close or part of the powerful gang that runs the show
it is a Feudal Society in a way
So, he or she will get their severance pay whether we like it or not
I think if ELECTIONS were to be done using the internet LOTS of things will change
|
|
ragtopcookie
|
Sep 26 @ 10:49PM
|
|
|
all week at work ...ive talked to people about these CEOs that get what their contarcts have set out for them to get at the end of their terms.....and depending on who you talk to about this.....some feel that its what they singed up for...while others think that when they run the business into the ground...that something needs to be done ...not to reward them for doing such a crappy job.....my personal belief is.....its time to send a hard core message to big business......take these benifits away from the people who run businesses into the ground....and let the tax payer know that this wont be the norm as to how things work.....its time to end such practices.....right her...right now........cookie
|
|
Slohand_47
|
Sep 27 @ 2:25AM
|
|
First off,, cookie, I'd like to say that he did not "run it into the ground". He was only there for a few weeks. The best analogy was he jumped into a sinking ship to try to save it..... too late.
Whether or not he is entitled........ I'd say it's a shame, if not a crime to be eligible to all that money for a few weeks work. The board of directors let the stockholder down by writing such a contract in the first place. There should have been some sort of time based sliding scale for those benefits to kick in.
Lee Iacoca was a gutsy, smart and ambitious guy who backed up his words. When he took over the bankrupt Chrysler motors a number of years ago, he said that IF he could not turn the company around to make a profit, he would not get paid. IF, however, he did turn the company around, then, and only then, he would get paid a LOT. ( I think it was something like 13 million dollars) Unheard of at the time, but his leadership put that company firmly in the black and he earned his money.
Not like Mr Fishman who, simply showed up for a few weeks.
|
|