Another CEO story...WAMU's CEO get's 13.5 million for 18 days on the job.

[Engineer]

I know he wasn't responsible for the current mess with WAMU, but come on...13.5 million for 18 days on the job and he didn't save the compnay?

WTF?

Discuss....

 

[JS80]

lulz. wamu shareholders should burn him at the stake.

 

[Psynaut]

That's it? He needs to fire his attorney.

 

[mchammer187]

Was that his signing bonus or was that actually part of a severance package?

 

[ElFenix]

good work if you can get it

 

[Engineer]

Originally posted by: mchammer187
Was that his signing bonus or was that actually part of a severance package?

Didn't state. Was on the bottom of the ticker on CNBC.

I don't care what kind of bonus or pay it is, it's fucking nuts. The greed that is today's corporate business world is the undermining of the US and a direct result of the current fucked up economy....and we are going to bail them out? bah.

 

[JS80]

Originally posted by: Engineer

Originally posted by: mchammer187
Was that his signing bonus or was that actually part of a severance package?

Didn't state. Was on the bottom of the ticker on CNBC.

I don't care what kind of bonus or pay it is, it's fucking nuts. The greed that is today's corporate business world is the undermining of the US and a direct result of the current fucked up economy....and we are going to bail them out? bah.

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.

 

[sandorski]

Shareholders are stupid. I'd work twice as many days for half the Price!

 

[Chronoshock]

Getting millions after F'ing up a company is a hell of a lot better than getting beaten to death with the government's blessings.

 

[ElFenix]

in other news, the houston texans signed a 3rd round qb to top 10 money and in his 13 days on the job he's done even worse than this guy.

 

[KLin]

I guess there wasn't a clause for a minimum number of days needed to be worked to be eligible for said severance package?

 

[Engineer]

Well, considering that the money is removed from the money that WAMU had left...so now FDIC money will end up filling that spot...possibly taxpayer money later.

I don't care what kind of agreement he had with them (it's good for him though), it just sucks and shows what the fuck is wrong with the system. I usually don't agree with much Congress is doing but setting limits on executive pay if companies take the bailout is just fine with me.

 

[pstylesss]

Originally posted by: Engineer
Well, considering that the money is removed from the money that WAMU had left... so now FDIC money will end up filling that spot...possibly taxpayer money later.

I don't care what kind of agreement he had with them (it's good for him though), it just sucks and shows what the fuck is wrong with the system. I usually don't agree with much Congress is doing but setting limits on executive pay if companies take the bailout is just fine with me.

JPMorgan Chase foot the bill for that one.

 

[iwantanewcomputer]

maybe the investors should have thoguht about that before signing the guy's contract. not the fault of CEO's that companies gamble huge sums of money on the hope they help the company

 

[JS80]

Originally posted by: iwantanewcomputer
maybe the investors should have thoguht about that before signing the guy's contract. not the fault of CEO's that companies gamble huge sums of money on the hope they help the company

lol shareholders have no say in the CEO's employment contract.

 

[ultimatebob]

Originally posted by: Chronoshock
Getting millions after F'ing up a company is a hell of a lot better than getting beaten to death with the government's blessings.

Wow... I have more respect for India every day. First Tandoori Chicken, and now this!

 

[Ns1]

Originally posted by: ultimatebob

Originally posted by: Chronoshock
Getting millions after F'ing up a company is a hell of a lot better than getting beaten to death with the government's blessings.

Wow... I have more respect for India every day. First Tandoori Chicken, and now this!

wow, did not see the update to that story...

 

[ManyBeers]

Originally posted by: Engineer
I know he wasn't responsible for the current mess with WAMU, but come on...13.5 million for 18 days on the job and he didn't save the compnay?

WTF?

Discuss....

There is nothing to discuss. Some people will take the money-and some won't. What kind of man are you?

 

[kitkat22]

I would love to see severance packages disappear. Why have them? It is basically dooming your company to failure because the CEO has no incentive to do well. He can easily say, "Opps, I screwed up see ya!" Leave with $30 million and jump onto another company and repeat. Rinse, lather, repeat. I would love to see all of these CEOs burn at the stake.

 

[ManyBeers]

Originally posted by: cscpianoman
I would love to see severance packages disappear. Why have them? It is basically dooming your company to failure because the CEO has no incentive to do well. He can easily say, "Opps, I screwed up see ya!" Leave with $30 million and jump onto another company and repeat. Rinse, lather, repeat. I would love to see all of these CEOs burn at the stake.

After a $30 million dollar severance package why would you even need to work again? That is called FU money.

 

[spidey07]

Originally posted by: cscpianoman
I would love to see severance packages disappear. Why have them? It is basically dooming your company to failure because the CEO has no incentive to do well. He can easily say, "Opps, I screwed up see ya!" Leave with $30 million and jump onto another company and repeat. Rinse, lather, repeat. I would love to see all of these CEOs burn at the stake.

The incentive is risk and reward because much of their compensation is in stock, make stock do good and they are rewarded. Which is needed at that level. It doesn't pay to be timid or scared from a business perspective, plus it helps attract top level talent.

 

[imported_cambit69]

theres nothing wrong with this. You pay money for the services rendered, its not the CEO's fault the FDIC decided to ninja Wamu. A good analogy are lawyers, you pay top dollar for them but whether or not you win/lose in court you still got to pay the fees.

 

[JS80]

Originally posted by: cambit69
theres nothing wrong with this. You pay money for the services rendered, its not the CEO's fault the FDIC decided to ninja Wamu. A good analogy are lawyers, you pay top dollar for them but whether or not you win/lose in court you still got to pay the fees.

I think the point is there is some bank exec out there that would have yielded the same operating result except he would have taken a $1 million pay package vs a $20 million pay package.

Hell, I would have happily run wamu to the ground for $500k salary.

 

[flashbacck]

Originally posted by: Engineer

Originally posted by: mchammer187
Was that his signing bonus or was that actually part of a severance package?

Didn't state. Was on the bottom of the ticker on CNBC.

I don't care what kind of bonus or pay it is, it's fucking nuts. The greed that is today's corporate business world is the undermining of the US and a direct result of the current fucked up economy....and we are going to bail them out? bah.

In the end, isn't this just the shareholders fault? Yes, the board of directors picks a CEO and determines his compensation. but the directors are determined by shareholder vote. So, in my mind, the shareholders have no one to blame but themselves.

Of course, there are cases where these irresponsible insiders are major shareholders and individual investors don't have enough voting power to change directors. In those situations though, if you know there's little chance of changing poor management, then you shouldn't be investing in those companies!

 

[compman25]

Originally posted by: Engineer
I know he wasn't responsible for the current mess with WAMU, but come on...13.5 million for 18 days on the job and he didn't save the compnay?

WTF?

Discuss....

He saved it for Chase pretty well :laugh: