October 1, 2008
The Facts
How would you like to make nearly $20 million for just 17 days of work? That’s exactly what Alan Fishman, CEO of Washington Mutual (WaMu), did. The Board of Directors signed a contract with him just 17 days before the company was taken over by federal regulators. And the contract was the typical “suit of armor, golden parachute” kind.
My View
What more can be said about this? Wall Street just keeps shoving it in our faces with more and more of their arrogance. Yea, I know; WaMu was “taken over” by JPMorgan, and “it didn’t cost us taxpayers nothing”. Sure!
Does anyone believe the Board of Directors didn’t know WaMu was about to be taken over by the government when they signed Fishman’s contract? If they did, what was in it for them? Maybe Fishman signing off on big packages for CEO’s of other companies who just happen to be a board member of WaMu? Who knows?
The above hyperlinked article points out other CEO’s who got huge pay checks for very short hours. And for more pleasant reading while you think about your $2 trillion that’s on its way to Wall Street, I offer you this; “The Kings of Golden Parachutes”. And, if you have some time left over, you can read about “The highest paid men & women in America”.
Time!!
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