This...this is precisely what should sicken anyone with a brain, which tells you all you need to know about politicians, who do not differentiate between good CEOs and utter ciphers like this guy.
Saturday, September 27, 2008 - 7:05 PM PDT
WaMu execs could get cash severance totaling $38 million
Portland Business Journal - by Greg Lamm
Alan Fishman, the CEO of Washington Mutual Inc. for only a few weeks before the Seattle-based thrift failed, would be entitled to $19.1 million in severance and bonus pay.
Two other top WaMu executives have clauses in their employment agreements that would also pay them a total of $19 million in cash severance if they are terminated by JPMorgan Chase & Co.
WaMu, which has 67 branches in Oregon, was seized by federal regulators and sold to JPMorgan Chase & Co. Sept. 25.
According to a WaMu filing with the Securities and Exchange Commission, Fishman, who replaced Kerry Killinger as WaMu CEO on Sept. 8, signed an agreement that would pay him a cash severance of $11.6 million if he is terminated this year or resigns. He also would be allowed to keep his $7.5 million signing bonus.
The WaMu executive with the biggest termination package is Stephen Rotella, president and chief operating officer, who is entitled under his current employment agreement to a cash severance of $12.7 million if he is terminated or quits with “good reason.”
Meanwhile, CFO Thomas Casey would receive a cash severance of $6.3 million if he is fired or quits with good reason.
Both Rotella and Casey also could receive millions more in non-cash severance compensation under their employment agreements.
A JPMorgan spokesman could not be reached for comment. But on Friday the company told The Associated Press that Fishman remains as CEO of WaMu’s holding company and it was too early to say whether he and other executives would be replaced.