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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
Joined: Jan 2004
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CEO of failed Washington Mutual entitled to millions after few weeks on job WASHINGTON (AP) -- The CEO of failed Washington Mutual Inc., on the job only a few weeks before the nation's largest thrift was seized by the government and sold to JPMorgan Chase & Co., is entitled to more than $13 million in severance and bonus pay.
Alan H. Fishman signed an agreement that provides around $6 million in cash severance and retention of his signing bonus of $7.5 million if he were to leave his job, according to a company filing with the Securities and Exchange Commission.
The board of WaMu reached out to Fishman to replace Kerry Killinger as CEO as the Seattle-based bank was in a downward financial spiral, struggling with cascading losses from soured mortgages. On Sept. 8, the same day WaMu announced Fishman's appointment as chief executive, the bank signed an agreement with federal regulators to provide an updated business plan and forecast for its financial performance.
As with most bank takeovers, WaMu senior executives could be expected to be replaced by new owners at investment bank JPMorgan Chase & Co., which paid $1.9 billion for Washington Mutual's banking assets in a deal brokered by federal regulators who shut down the thrift.
Fishman retains his position as CEO of Washington Mutual's holding company, a JPMorgan Chase spokeswoman in New York said Friday.
It's too early to say whether Fishman and other top executives would be replaced, the spokeswoman said.
Spokesmen for the Office of Thrift Supervision, the federal agency that oversaw WaMu and closed it, and the Federal Deposit Insurance Corp., which brokered the sale to JPMorgan Chase, said Friday those agencies no longer have jurisdiction over WaMu.
When Fishman was appointed CEO, WaMu already had lost nearly 70 percent of its market value since the start of the year. It had reported a $3 billion second-quarter loss -- the biggest in its history -- as it boosted its reserves to more than $8 billion to cover loan losses.
Killinger had headed WaMu since 1990 and built it into one of the country's largest banks. But with a heavy focus on subprime and option adjustable-rate mortgages -- the types of loans at the heart of the housing bust -- WaMu's losses began to mount and its shares plummeted, sparking an outcry from shareholders.
"The board has great confidence in Alan's ability to lead WaMu and to return the company to profitability as quickly as possible," Chairman Stephen E. Frank said in a conference call with analysts on Sept. 8.
Fishman stressed his belief in the value of the thrift's franchise. "I share the board's confidence in WaMu's underlying strength," he said during the conference call. "I know that we can and will manage the issues we face today."
Fishman previously was president and chief operating officer of Sovereign Bank, and president and CEO of Independence Community Bank.
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Joined: Jun 2004
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Who will I break next? 15000+ posts
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Who will I break next? 15000+ posts
Joined: Jun 2004
Posts: 46,308 |
Is jeremy trying to take snarfs place?
November 6th, 2012: Americas new Independence Day.
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Joined: May 2003
Posts: 5,958
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
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some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
Joined: May 2003
Posts: 5,958 |
Right now i have to figure out what happened to my salary. It's automatically deposited into my WaMu account but not this time.
Probably put a hold on all deposits I'm guessing. It's good that i'm not living paycheck to paycheck anymore or i'd be a bit pissed right now.
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Joined: Jun 2004
Posts: 46,308
Who will I break next? 15000+ posts
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Who will I break next? 15000+ posts
Joined: Jun 2004
Posts: 46,308 |
Let the fear guide you. Its the way of the dark side.
November 6th, 2012: Americas new Independence Day.
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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
Joined: Jan 2004
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There shouldn't be any problems with your actual bank accounts. A lot of bookkeeping and crap like that will be happening over the weekend but come Monday it'll be business as usual for customers. But I hope you like Chase cause that's who's running things now. Otherwise, get the heck out of dodge and find a better bank.
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Joined: May 2003
Posts: 5,958
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
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some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
Joined: May 2003
Posts: 5,958 |
 Like what? BofA? Wells Fargo? WaMu was convenient and pretty good customer service wise. I'm going back to my wifes Credit union. It's inconvenient as fuck when you have to do actual business but at least it's not those guys.
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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
Joined: Jan 2004
Posts: 15,546 |
Like what? BofA? er...wait... 
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Joined: Feb 2001
Posts: 33,385 Likes: 1
Regenerated 15000+ posts
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Regenerated 15000+ posts
Joined: Feb 2001
Posts: 33,385 Likes: 1 |
Yeah, what the fuck is wrong with Bank of America? 
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Joined: May 2003
Posts: 32,001 Likes: 1
We already are 15000+ posts
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We already are 15000+ posts
Joined: May 2003
Posts: 32,001 Likes: 1 |
Right now i have to figure out what happened to my salary. It's automatically deposited into my WaMu account but not this time.
Probably put a hold on all deposits I'm guessing. It's good that i'm not living paycheck to paycheck anymore or i'd be a bit pissed right now. I read that nothing is going to change......not even account numbers. This was only bad for the employees and shareholders not the actual customers. So you should be pretty good. Except for being insane. 
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Joined: May 2003
Posts: 43,951 Likes: 6
Officially "too old for this shit" 15000+ posts
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Officially "too old for this shit" 15000+ posts
Joined: May 2003
Posts: 43,951 Likes: 6 |
Right now i have to figure out what happened to my salary. It's automatically deposited into my WaMu account but not this time. Just have social services cut another check if you have a problem. No biggie.
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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
Joined: Jan 2004
Posts: 15,546 |
Yeah, what the fuck is wrong with Bank of America? The employee answer: They're great! We're the number three bank in the nation with plenty of great products with more to come! Since we're buying out everyone under the sun we're sure to become more convenient across the board. The cynic's answer: Since we're buying out everyone under the sun we're sure to care less about the individual customer. My job will be replaced with a part time person and an ATM. Can you say "monopoly"?
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Joined: Feb 2001
Posts: 33,385 Likes: 1
Regenerated 15000+ posts
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Regenerated 15000+ posts
Joined: Feb 2001
Posts: 33,385 Likes: 1 |
You work at BoAm? Give me more money!
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Joined: Feb 2001
Posts: 33,385 Likes: 1
Regenerated 15000+ posts
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Regenerated 15000+ posts
Joined: Feb 2001
Posts: 33,385 Likes: 1 |
I use the Keep the Change program for my personal spending account...
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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
Joined: Jan 2004
Posts: 15,546 |
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Joined: May 2003
Posts: 5,958
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
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some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
Joined: May 2003
Posts: 5,958 |
Yeah, what the fuck is wrong with Bank of America? The employee answer: They're great! We're the number three bank in the nation with plenty of great products with more to come! Since we're buying out everyone under the sun we're sure to become more convenient across the board. The cynic's answer: Since we're buying out everyone under the sun we're sure to care less about the individual customer. My job will be replaced with a part time person and an ATM. Can you say "monopoly"? Too impersonal. Not enough of the human touch. Over crowded branches. A sense that like in that one finance commercial where the bank guys are laughing at the small business guy asking for a loan. It really does feel that way in there.
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Joined: Jan 2004
Posts: 15,546
Living the dream 15000+ posts
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OP
Living the dream 15000+ posts
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Oh I know. The staff cuts have been excruciating. As we were going through the transition (a term I use lightly) this bitch who trained us to sell the BAC way had two of our own laid off. But the wrong two were chosen. Instead we kept the dumb-as-fuck airhead (who got fired mere weeks later) and the lazy-as-fuck slacker. Clearly BAC hates LaSalle. We're the red-headed step children in the company.
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Joined: Oct 2000
Posts: 53,734
Educator to comprehension impaired (JLA, that is you) 50000+ posts
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Educator to comprehension impaired (JLA, that is you) 50000+ posts
Joined: Oct 2000
Posts: 53,734 |
Yeah, what the fuck is wrong with Bank of America? if it isnt obvious to you already, it has America in the name and whomod hates America.
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Joined: Sep 2002
Posts: 17,801
terrible podcaster 15000+ posts
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terrible podcaster 15000+ posts
Joined: Sep 2002
Posts: 17,801 |
Still playing politics in the face of economic disaster.
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