Friday, September 26, 2008

Compensation watch

Just about everyone heard about the largest bank failure in US history - Washington Mutual was seized and sold to Chase for small change last night. As is the norm with these things, the ugly head of excessive executive compensation showed up again.

The New York Times reports on the following:

Mr. Alan H. Fishman, CEO of Washington Mutual 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.

The guy worked for less than three weeks at Washington Mutual… Morally and ethically, something is not right.

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