To some of Seattle's more memorable failures - the R.H. Tompson Freeway, the Seattle Monorail, and the Boeing SST - we now add the Biggest Bank Failure in History. But when historians record the collapse and sale of Washington Mutual, lets hope they highlight this told-you-so footnote, that WaMu, up to its last breath, still managed to pay its latest CEO more than $6 million a week to preside over the bank's death:
...the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.
And as we mentioned last week, in discussing ousted CEO Kerry Killinger's $55 million compensation over five years:
Fishman is covered too. He has a $20 million salary and incentive package, bigger than Killinger's, good for at least one year. It includes a $7.5 million signing bonus which he presumably has already pocketed. If he screws up, he'll still get a golden parachute worth more than $2.5 million. Theoretically, he could quickly sell the bank and walk away flush.
My pedestrian WaMu savings was still there as of a few minutes ago. Apparently they haven't written Fishman's check yet.