Washington Mutual Gives New CEO Alan H. Fishman Mega Payout as Bank Fails

[MadJack]

As thousands of Washington Mutual's employees face possible layoffs, CEO Alan H. Fishman, who has been on the job for less than three weeks, is bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

You heard right. That's $20 million for 17 days on the job ... and his company failed, plus the fact that many workers will be laid-off. Yep, Fishman is the man with the golden mega-parachute.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severance of $11.6 million ? both of which he gets to keep. He also was eligible for annual bonuses of up to 365 percent of his annual base pay ? set at $1 million ? to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009. According to Fox News, documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired ? all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

How fair is this that the government is bailing out some of these fat cats, while the Main Street gets scraps, if anything. It is unconscionable that some of the CEOs and other executives walk away with enormous golden parachutes will the "little person" gets orts. There is a long list of CEOs that have plundered their companies, only to walk away with big bucks. I say that the government modify the bankruptcy law that will give judges the authority to reduce the balance on mortgages and cut interest rates to stem this foreclosure epidemic. We simply cannot continue this way. If the big guys and companies are being bailed out, then surely something must be done for the working class people in this country.

 

[StevieD]

The only thing Golden these crooks should get is a shower.

 

[Keeko]

As thousands of Washington Mutual's employees face possible layoffs, CEO Alan H. Fishman, who has been on the job for less than three weeks, is bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

You heard right. That's $20 million for 17 days on the job ... and his company failed, plus the fact that many workers will be laid-off. Yep, Fishman is the man with the golden mega-parachute.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severance of $11.6 million ? both of which he gets to keep. He also was eligible for annual bonuses of up to 365 percent of his annual base pay ? set at $1 million ? to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009. According to Fox News, documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired ? all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

How fair is this that the government is bailing out some of these fat cats, while the Main Street gets scraps, if anything. It is unconscionable that some of the CEOs and other executives walk away with enormous golden parachutes will the "little person" gets orts. There is a long list of CEOs that have plundered their companies, only to walk away with big bucks. I say that the government modify the bankruptcy law that will give judges the authority to reduce the balance on mortgages and cut interest rates to stem this foreclosure epidemic. We simply cannot continue this way. If the big guys and companies are being bailed out, then surely something must be done for the working class people in this country.

Obama supporter and advisor Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae's accounting activities. At the time of his departure The Wall Street Journal noted, ' Raines, who long defended the compan y's accounting despite mounting evidence that it wasn't proper, issued a statement late Tuesday conceding that 'mistakes were made' and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company's books ran afoul of generally accepted accounting principles for four years.' Fannie Mae had to reduce its surplus by $9 billion.




Raines left with a 'golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear. http://housingdoom.com/2006/12/18/fannie-charges/ . The Government noted, 'The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly negle cting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The Notice explains how they submitted six years of misleading and inaccurate accounting statements a nd inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner.' These charges were made in 2006. The Court ordered Raines to return $50 Million Dollars he received in bonuses based on the miss-stated Fannie Mae profits.

Another Obama supporter and advisor Jim Johnson - A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson. Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million.' Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.

Johnson's Golden Parachute was estimated at $28 Million.

 

[The Sponge]

As thousands of Washington Mutual's employees face possible layoffs, CEO Alan H. Fishman, who has been on the job for less than three weeks, is bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

You heard right. That's $20 million for 17 days on the job ... and his company failed, plus the fact that many workers will be laid-off. Yep, Fishman is the man with the golden mega-parachute.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severance of $11.6 million ? both of which he gets to keep. He also was eligible for annual bonuses of up to 365 percent of his annual base pay ? set at $1 million ? to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009. According to Fox News, documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired ? all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

How fair is this that the government is bailing out some of these fat cats, while the Main Street gets scraps, if anything. It is unconscionable that some of the CEOs and other executives walk away with enormous golden parachutes will the "little person" gets orts. There is a long list of CEOs that have plundered their companies, only to walk away with big bucks. I say that the government modify the bankruptcy law that will give judges the authority to reduce the balance on mortgages and cut interest rates to stem this foreclosure epidemic. We simply cannot continue this way. If the big guys and companies are being bailed out, then surely something must be done for the working class people in this country.

Good for him. He deserves all he can get for all the hard work he did. These are the producers in our country. At least now this money can trickle down to his family and they all can get great college education while guys on here will try to con people into thinking everyone is on an equal plateau. Don't take it to hard to these guys who try to con us with this bullshit because they themselves get conned over and over again and think we should be as clueless as they are.

 

[Hard Times]

The only thing Golden these crooks should get is a shower.

Stevie my friend, you've been watching too much PORN. Golden Showers ? Well anyway, while I'm here let me say Stevie that you'er not stupid. You just don't have any control over the shit thats going on.Wouldn't you like to bring back public hangings.
What's the saddest part of this is that when the country,the working class,that means you and I are the losers no matter who gets the IMPERIAL PRESIDENCY.
Don't Bush look like a buffoon.I had a dog that liked to suck eggs and Bush reminds me of that dog.

 

[Jabberwocky]

Hey Kookoo, STOP FVCKING LYING.

"This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything -- ever. And by the way, someone whose campaign manager and top advisor worked and lobbied for Fannie Mae and Freddie Mac shouldn't be throwing stones from his seven glass houses"

 

[Jabberwocky]

"Another Obama supporter and advisor Jim Johnson"

another idiotic lie. Johnson is not, and never has been an advisor of OBama, paid or otherwise, but since you bring it up, I will be posting who the PAID, true advisors of McCain are.

 

[Keeko]

Hey Kookoo, STOP FVCKING LYING.

"This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything -- ever. And by the way, someone whose campaign manager and top advisor worked and lobbied for Fannie Mae and Freddie Mac shouldn't be throwing stones from his seven glass houses"

Wow you changed my name. Cool!!!:142smilie

The only one lying is you. You need to stop lying to yourself.:sadwave:

 

[Keeko]

"Another Obama supporter and advisor Jim Johnson"

another idiotic lie. Johnson is not, and never has been an advisor of OBama, paid or otherwise, but since you bring it up, I will be posting who the PAID, true advisors of McCain are.

I am sure you believe everything you post is the truth. Are you really this ****ing stupid, or is it just an act??:142smilie :142smilie

 

[jer-z jock]

As thousands of Washington Mutual's employees face possible layoffs, CEO Alan H. Fishman, who has been on the job for less than three weeks, is bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

You heard right. That's $20 million for 17 days on the job ... and his company failed, plus the fact that many workers will be laid-off. Yep, Fishman is the man with the golden mega-parachute.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severance of $11.6 million ? both of which he gets to keep. He also was eligible for annual bonuses of up to 365 percent of his annual base pay ? set at $1 million ? to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009. According to Fox News, documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired ? all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

How fair is this that the government is bailing out some of these fat cats, while the Main Street gets scraps, if anything. It is unconscionable that some of the CEOs and other executives walk away with enormous golden parachutes will the "little person" gets orts. There is a long list of CEOs that have plundered their companies, only to walk away with big bucks. I say that the government modify the bankruptcy law that will give judges the authority to reduce the balance on mortgages and cut interest rates to stem this foreclosure epidemic. We simply cannot continue this way. If the big guys and companies are being bailed out, then surely something must be done for the working class people in this country.

Only problem with that is the assholes making these laws and and legislation arent the little guys, otherwise it would be made for us to make out ok. The rich get richer and the poor get put out on the streets
Im just about ready for a uprising around this biatch, this chit is outrageous and burns me to no end!!! Someone send a 90 yr old lady to the whitehouse with a mini-skirt on, maybe Bush and he house will get a BJ and THEN we can go for removals...its evident that putting Americans and America itself in harms way isnt gonna do it.

 

[BobbyBlueChip]

I am sure you believe everything you post is the truth. Are you really this ****ing stupid, or is it just an act??:142smilie :142smilie

He's actually quoting the people and what they said not some sources that have since retracted any allegation.

You still think it's a debate, but it's not.

From the source where the . . . cough, cough . . . "confusion" came from

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/19/AR2008091903604.html

Linking Obama to Ex-Fannie Mae Chief Is a Stretch


"Obama has no background in economics. Who advises him? The Post says it's Franklin Raines, for 'advice on mortgage and housing policy.' Shocking. Under Raines, Fannie Mae committed 'extensive financial fraud.' Raines made millions. Fannie Mae collapsed. Taxpayers? Stuck with the bill."

McCain campaign video release,

Sept. 18


An already nasty presidential election campaign is getting nastier. The meltdown on Wall Street has touched off frantic attempts by both the McCain and Obama camps to secure political advantage and indulge in guilt by association. Over the past 24 hours, both campaigns have issued what are, in effect, video news releases attempting to show that the other side's "advisers" are somehow responsible for the crisis. The latest McCain attack is particularly dubious.

The McCain video attempts to link Obama to Franklin D. Raines, the former chief executive of the bankrupt mortgage giant, Fannie Mae. It then shows a photograph of an elderly female taxpayer who has supposedly been "stuck with the bill" as a result of the "extensive financial fraud" at Fannie Mae.

The Obama campaign issued a statement by Raines on Thursday night insisting, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters." Obama spokesman Bill Burton went a little further, saying in an e-mail that the campaign had "neither sought nor received" advice from Raines "on any matter."

So what evidence does the McCain campaign have for the supposed Obama-Raines connection? It is pretty flimsy, but it is not made up completely out of whole cloth. McCain spokesman Brian Rogers points to three items in the Washington Post in July and August. It turns out that the three items (including an editorial) all rely on the same single conversation, between Raines and a Washington Post business reporter, Anita Huslin, who wrote a profile of the discredited Fannie Mae boss that appeared July 16. The profile reported that Raines, who retired from Fannie Mae four years ago, had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."

Since this has now become a campaign issue, I asked Huslin to provide the exact circumstances of that passage. She said that she was chatting with Raines during the photo shoot, and asked "if he was engaged at all with the Democrats' quest for the White House. He said that he had gotten a couple of calls from the Obama campaign. I asked him about what, and he said, 'Oh, general housing, economy issues.' ('Not mortgage/foreclosure meltdown or Fannie-specific?' I asked, and he said 'no.')"

By Raines's own account, he took a couple of calls from someone on the Obama campaign, and he or she had general discussions about economic issues. I have asked both Raines and the Obama people for more details on these calls.


THE PINOCCHIO TEST


The McCain campaign is clearly exaggerating wildly in attempting to depict Raines as a close adviser to Obama on "housing and mortgage policy." If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself -- and certainly not in the way depicted in the McCain video release.


ONE PINOCCHIO: Some shading of the facts; TWO PINOCCHIOS: Significant omissions or exaggerations; THREE PINOCCHIOS: Significant factual errors; FOUR PINOCCHIOS: Real whoppers; THE GEPPETTO CHECK MARK: Statements and claims contain the truth, the whole truth and nothing but the truth.