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RE: Nice work if you can get fired from it. - 9/27/2008 12:52:37 PM
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phreddy
Posts: 287
Joined: 3/28/2007
Status: offline
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I am very interested in how much of $20 million he will actaully get. In bankruptcy, salaries rank very low in order of preference for payment. Secured creditors get first dibs, then unsecured creditors who file claims. Salaries come in below that. Severance comes in even lower. Exceptions can be made by the trustees, but they are usually only approved when the they are necessary for continuing operations and/or shutdown of the company.
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RE: Nice work if you can get fired from it. - 9/27/2008 12:54:26 PM
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GregandJenny
Posts: 680
Joined: 2/16/2006
From: Near Seattle Washington
Status: offline
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Wamu didn't go bankrupt. they got bought out.
G
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RE: Nice work if you can get fired from it. - 9/27/2008 1:22:15 PM
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blessedinnyc
Posts: 2003
Joined: 10/12/2007
Status: offline
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quote:
ORIGINAL: Boats
 Really -
quote:
But don't cry for Fishman, who reportedly was sky-high literally last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's 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.
That's right, $20 million for 17 days on the job ... and his company failed.
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.
(emphasis added)
No wonder they are going bankrupt.
<< Full Story >>
Boats
There's actually a story on Yahoo Tech Ticker on this- they're speculating that Fishman is going to give that money back.
http://finance.yahoo.com/tech-ticker/article/73916/WaMu-Wipeout-'Gross-Mismanagement'-by-Former-CEO-Killinger?tickers=WM,JPM,BAC,C,XLF,WFC,WB
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RE: Nice work if you can get fired from it. - 9/27/2008 3:05:16 PM
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aslouie
Posts: 710
Joined: 5/15/2005
From: Los Angeles, CA.
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this ought to be interesting--especially since I've been a WaMu customer for over a decade!
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RE: Nice work if you can get fired from it. - 9/27/2008 4:06:37 PM
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blessedinnyc
Posts: 2003
Joined: 10/12/2007
Status: offline
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quote:
ORIGINAL: aslouie
this ought to be interesting--especially since I've been a WaMu customer for over a decade!
Have you had the opportunity to take advantage of their ridiculously high CD rates?
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Those are ridiculously high...
