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Thread: Here's the problem, you see?

  1. #1
    j2k4's Avatar en(un)lightened
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    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.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  2. The Drawing Room   -   #2
    clocker's Avatar Shovel Ready
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    It seems apparent that the only clever business decisions that guys like this are capable of is negotiating their exit strategies.
    Clearly, I have a lot to learn.

    On a side note...
    I've always been amazed that recipients of these wonderful exit packages are invariably reported to be looking for another job.
    FuckinA, give ME $20 mil and it'd be off to the beach, screw this working shit.
    "I am the one who knocks."- Heisenberg

  3. The Drawing Room   -   #3
    j2k4's Avatar en(un)lightened
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    Yeah, it's a bend-over, but the reach-around is to affix the blinders, rather than offer a stroke.

    It's like watching a loop of Tom Cruise's greatest scenery chewing moments while chained to a chair, and someone's made off with the remote.
    Last edited by j2k4; 09-28-2008 at 12:42 PM.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  4. The Drawing Room   -   #4
    clocker's Avatar Shovel Ready
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    It will be interesting to see how JP Morgan handles this given the absolute shitstorm that will rain down on them if these execs collect on the parachutes.

    I'd love to see them just say "Fuck you, sue us", but the chances of that are admittedly slim.
    "I am the one who knocks."- Heisenberg

  5. The Drawing Room   -   #5
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by clocker View Post
    It will be interesting to see how JP Morgan handles this given the absolute shitstorm that will rain down on them if these execs collect on the parachutes.

    I'd love to see them just say "Fuck you, sue us", but the chances of that are admittedly slim.
    I predict that debate will be at largely subsumed and obscured by "bipartisan" rhetorical flourishes.

    As an aside, I've always wondered, given that I would not choose to limit warranted compensation, what these clowns would consider to be "ridiculous" compensation?

    "You've failed so spectacularly we are compelled to offer you a $50-billion severance package".
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  6. The Drawing Room   -   #6
    clocker's Avatar Shovel Ready
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    Quote Originally Posted by j2k4 View Post
    I predict that debate will be at largely subsumed and obscured by "bipartisan" rhetorical flourishes.
    Oh, I'll wager not.
    I'm thinking that's the kind of red meat story that the press will be unable to resist.
    Executive compensation for any of the industries that recently got government aid is going to be a real hot button issue.
    "I am the one who knocks."- Heisenberg

  7. The Drawing Room   -   #7
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by clocker View Post
    Quote Originally Posted by j2k4 View Post
    I predict that debate will be at largely subsumed and obscured by "bipartisan" rhetorical flourishes.
    Oh, I'll wager not.
    I'm thinking that's the kind of red meat story that the press will be unable to resist.
    Executive compensation for any of the industries that recently got government aid is going to be a real hot button issue.
    Then I predict the heat will bleach the "red" out of the meat, because there are capitalist lefties who are indistinguishable from capitalist righties.

    There are all sorts of ways to take the edge off those types of disclosures.

    Allow me to add that while I fervently hope you are right, I am overcome by my natural cynicism.
    Last edited by j2k4; 09-28-2008 at 02:08 PM.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  8. The Drawing Room   -   #8
    clocker's Avatar Shovel Ready
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    While this might not be the kind of story that traditional news media will pursue for more than a few news cycles, it's exactly the kind that net based thrive on.
    Time will tell.
    "I am the one who knocks."- Heisenberg

  9. The Drawing Room   -   #9
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by clocker View Post
    While this might not be the kind of story that traditional news media will pursue for more than a few news cycles, it's exactly the kind that net based thrive on.
    Time will tell.
    Ah.

    Quite right; I overlooked that...unforgivable, considering what we are doing just now.

    Minus ten points.

    Whichever way the partisan winds blow on the interweb, the chance of divining the truth is infinitely greater than when consuming the offerings of the mainstream.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  10. The Drawing Room   -   #10
    but surely they must be worth these massive bonus and severance packages? I thought the invisible hand of the market would ensure this

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