Friday, September 26, 2008

The “ideal executive” & his "strong brand" bank

Less than three weeks ago we read at Market Watch:

Washington Mutual, one of the nation's leading banks for consumers and small businesses, announced today that Alan H. Fishman has been appointed chief executive officer and has joined WaMu's Board of Directors. …

He succeeds Kerry Killinger, who is leaving the company after serving as WaMu's chief executive officer since 1990.

Stephen E. Frank, chair of the Board, said, "We believe Alan Fishman is the ideal executive to succeed Kerry Killinger and lead WaMu through its current challenges.” …

Frank continued, "On behalf of the Board, I would like to thank Kerry Killinger for all of his contributions over the past 25 years. Kerry is a visionary who built WaMu into a nationally recognized brand and one of the country's largest banks. We wish him well in his retirement."

Fishman said, "WaMu's strong brand and irreplaceable retail banking franchise have enormous potential, especially in today's environment, and I am thrilled to have this opportunity to create value for shareholders.” …
Listening to Frank and Fishman, who'd blame Dems for wondering:“Why hasn’t Obama palled around with guys like that instead of Rezko, Ayers and Wright?”

Time marches on and today CNN reports:
Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement. …

JPMorgan Chase (JPM, Fortune 500) grabbed up the banking assets of WaMu on Thursday after federal regulators seized the company, making it the largest bank failure in history.
What? Eighteen million for less than three weeks work.

I thought only former Senator John Edwards and other trial lawyers who contribute heavily to Dems made that kind of money.

Steve in New Mexico put me on to the story. He calls the possibility Fishman could walk away with $18 million “very, very wrong.”

Steve’s right.

The Market Watch story’s here; the CNN story’s here.


Anonymous said...

The whole Wall Street culture is "very, very wrong". And to think this is what the taxpayer is bailing out. Makes me want to puke.

Anonymous said...

Hoo Boy, that's something like a MILLION DOLLARS A DAY!-- FOR WHAT pray tell?????

Anonymous said...

I guess good ol' Alan couldn't make a silk purse from a sow's ear after all. Pretty nice salary for the attempt it appears. Grrrrr

Anonymous said...

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The Bailout Reader

Article by Posted on 9/26/2008