Not Bad for Less Than 3 Weeks on the Job!

Times are tough in today's banking sector and a lot of people are losing their jobs. Take, for instance, Washington Mutual or WaMu, which collapsed a few days ago.

But don't cry for WaMu CEO Alan Fishman, who was on the job just 17 days before the what is now called largest bank failure in the history of the United States:

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.


Photo via Seattle Times

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The idea that the bailout is to ensure the bank customers won't get screwed is laughable. That 20k you just lost in savings is not an 'asset' the government is going to be buying up for a future profit. That Golden Parachute that's limited to tens of millions isn't going to be limited so that money goes to the small people either. This is all effed up and it's amazing McCain isn't getting spit on everywhere he goes for his role in it all throughout our recent financial loosening history.
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Ashley - actually, you're completely wrong.

People like Fishman will get their gold no matter what we do. Trust me on this. The only way they wouldn't is if they did something illegal (like in Enron).

The 'bail out' - that will affect the government's (FDIC) finances, and ensure that none of the bank's customers get screwed.

But, the point is moot. Wamu didn't need a bail out, as it was bought by Chase / J.P. Morgan.
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