WaMu moolah: CEO Alan Fishman may make $19 million for 17 days' work

As Congress argues over limits on executive pay, the New York Times reports that the chief executive of Washington Mutual, who was on the job just 17 days, is eligible for $19.1 million in compensation.

For short-time CEO Alan H. Fishman -- named to run the failing bank less than three weeks ago -- that would work out to $1.12 million per day (assuming he worked weekends). If he worked eight-hour days, it works out to $140,000 per hour.

Here's the kicker: Fishman didn't even broker the deal to find a buyer when WaMu failed and was seized by the government; the federal government reportedly arranged the purchase by JPMorgan Chase & Co., and closed the deal while Fishman was in midair, flying from New York to Seattle.

The New York Times on Fishman's potential compensation:

Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.

--Peter Viles

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Photo credit: Los Angeles Times

Comments

[Rational Renter]

Do you mean 'eligible'?

[Brad A. Greenberg]

I think I'm gonna hurl.

[Bryan Morris]

Good work if you can get it.

[tarbubble]

I was thinking of putting my resume out there and applying for CEO positions. Sure, I'm not qualified, but i think i could run a company into the ground just as well as any of these guys. (although to be fair, Fishman never had a chance.)

[Lou]

That's worse than Andruw Jones.

[MyLessThanPrimeBeef]

Well, hopefully the board didn't give in on the relocation allowance demand when they brought him on board.

[Roger Ramjet]

This is a "go for it" society we live in. What else is new! The Europeans are laugh'in at us because we are "free market freaks". Why is it when I travel in Europe, I never see people standing at road crossing asking for, "Well work for food." Because this is a f-u society we live in, if you don't have the money, F-you..........

[Steve]

I will never buy stock in in American company again, what a sham. Thanks GW for the first time in my life I will vote Democrat.

[mbob]

Cheney's alum KBR, Kellogg, Brown & Root was a big 'Nam era supplier in Indochina, where they were called "...burn & loot."

The crony capitalists watched and learned well. Way to go Mr. Fishman.

Rome wasn't conquered from without, it rotted from within.

[John]

If this guy, Fishman, has any ethical bone in his body, he would suggest for the money to be divided instead, and given out to the employees of WaMu, who will be the ones affected the most by this disaster. If he decides to keep the money, then he's just the lowest form of life on this planet!

[sunsetbeachguy]

I second Bryan's comment with one addition.

I would have gladly taken the job for 30% less than Fishman.

I couldn't have done any worse.

That is why WAMU is gone.

The ATM worked just fine though, I hope the new masters at Chase don't do away with free checking.

[E]

19 Mil eh?

I'd love to see the play by play of what went on during those 17 days.

[ocvoter]

And congress wants to pass a bailout plan for sheisters like this guy???!!

On the US taxpayer's dime???

Call your senators and tell them NO-NO-NO-NO on the Wall Street Bailout Plan now being "sold" as the Main St. Rescue Plan.

Barbara Boxer's # 202-224-3553
Diane Feinstein's # 202-224-3841

Do you really want to give 19 million dollar "Golden Parachutes" to CEOs like this Fishman con-man that drive their companies into the ground and expect us...the hard-working taxpayer to bail out their imploded company.

Make your voice heard...don't be conned by Bush/Paulson/Bernanke/Cheney/Congress!!!!

It's not to late to let them know where you stand....bill hasn't even been finalized.

Go America!

[356man]

This is so wrong on so many fronts it defies reason.

[Laker]

I wonder if he can keep his Free Gas card similar to all California state representative that in addition to $130,000-150,000 paychecks get per-diem of $140 a day and free gas cards...

[Gene J]

Is there still really a company to pay him? The FDIC sold the assets. I believe WaMu is no more.

[Crash and Burn]

Everyone, relax. Palin has all the answers to the financial crisis, why won't anybody listen to her?

" . . . where it is the taxpayers looking to bail out. But ultimately, what the bailout does is help those who are concerned about the healthcare reform that is needed to help shore up our economy. Um, helping, oh -- it's got to be all about job creation too. Shoring up our economy, and putting it back on the right track. So healthcare reform and reducing taxes and reining in spending has got to accompany tax reductions, and tax relief for Americans, and trade, we've got to see trade as opportunity, not as a competitive, um, scary thing, but 1 in 5 jobs being created in the trade sector today. We've got to look at that as more opportunity. All of those things under the umbrella of job creation. This bailout is a part of that."

I'm sure she would have a similarly brilliant response on executive compensation, would you all just listen to her?

[Pat]

In a bankruptcy, money owed to employees gets first priority. This would include Fishman.

I would have done the job for for 90% less.

[LA / Michael]

Come on you guys be nice.... He just lost his job.

[VOTE WITH YOUR $$$$$$]

On Neg-Am loans banks "pretend" they get the entire payment (ie $4,000 instead of the real 1.5% pmt. of $2100) so they"show" on their books a huge balance that doesn't exist.

These banks are imploding because their balance sheets are "inflated".

People need to research this because we're bailing these bozos out.

All the talking heads say is the economy is because of "housing".

No, it's because of the unethical accounting systems in place and 30(40)-1 leveraging of money.
Normal leveraging is 10-12 to 1.

Any bank that's heavy on this type of accounting HAS to fail!!!

We the American people should NOT reward this EVER!!!!

That's why WAMU is gone!

That's why Indy Mac is gone.

That is why Wachovia is "walking dead".

Citi did it, BofA bought Countrywide and that was their entire approach...so Mozillo could get all the $$$ he could.

You as a consumer can show you don't agree with this by taking your money and walking away from these banks.

Research the ones that haven't done that ie: Farmers and Merchants and put your money there.

Here's the link to lenders that did subprime, alt-a (negam), jumbo. Calif. is heavy on neg-am so that is why housing $ is still going down as these recast & people walk away.

http://data.nationalmortgagenews.com/freedata/?...

GET INFORMED.....
YOR FUTURE REALLY DOES DEPEND ON IT!!

[Jessica]

I have been emailing our two senators every day. Today I actually called them. I was able to leave a message for Boxer and got through to a live person for Feinstein (staff member Adam). Please do your part. I am informed them I am aware of the current proposals in the bailout (limiting CEO comp, etc) but I am still against the bailout.

Please Call and email if you want to make a difference. It is not too late.
Barbara Boxer's # 202-224-3553
Diane Feinstein's # 202-224-3841

[sheila]

this is what i keep saying - there is plenty of money to "capitalize" these banks right in their own payroll records. all they need to do is go knock on a few gold-plated doors and ask them for a "bailout." leave me out of it, Robber Barons.

i never believed in the Big Lies of "trickle down economics" and refuse to pay for the inevitable, predictable implosion of your pyramid scheme. all elected reps who enabled these jerks (and i include Clinton in his misguided Milt Friedman Moment repealing Glass-Steagal) need to also turn out their pockets because i am not an insurer of risky policies that cannot possibly benefit me, despite the way you are treating me now.

same goes for global warming that is enriching Big Oil, Big Gas and Big Coal, and illegal wars of aggression to benefit Big War Profiteers. i never wanted any of it, and i'm not paying for it. you want a "free market," you got it. now eat your downside. i would have supported a sustainable model, but you bullied me out of the way and shoved your rapacious policies down my throat, and now your feeding trough is full of your own sewage. that's not schadenfreude you hear, that's anger.

nice try, though. god knows a lot of stupid americans fell for your condescending lies for the past 40 years. hopefully they get it, now. now that it's too late. typical.

[Heather]

What a disgrace. Totally unbelievable. I agree---show some class, Fishman, and donate it to charity.

[Michael T]

I would be surprised if the money is paid anytime soon. The bank was failed and the the FDIC will have prior claims. I would assume he will share in any unsecured claims, should there be recoveries.

[Michael C]

It's way past due that shareholders hold the Board of Directors accountable for these outrageous executive pay packages. Next time your proxy statement arrives, vote them all out. Bette yet, sell you shares. The only thing that they understand are votes and loss of money.