WaMu Gives New CEO Mega Payout as Bank Fails

[GunAddict]

Read this today and just had to post it here. It shows where part of our $700 billion is going..

That's right, $20 million for 17 days on the job ... and his company failed.

http://www.foxnews.com/story/0,2933,428641,00.html

 

[nickatnite]

That is really sad....

 

[jmcrawf1]

Words fail me....

 

[CajunTim]

I'm being told Wachovia will be the next to go under.

 

[Swampy]

I dont think Wamu is part of the 700 billion .. But it is ****** up that the bank is insolvent but they are paying that turd all that money..

 

[BSGA]

+1 Swampy. I find it hard to believe that a mere 17 days prior, that the board in it's profound wisdom, had no idea the institution would be insolvent. If they had any inkling, why the hell did they agree to those contract terms??? To me, most CEO's are simply robber barons. Legal, probably, but immorally greedy, no doubt. Already they make about 3 times what the rest of their counterparts do worldwide. What entitles them to this type of payout? Legalized theft is all it is.

 

[W1nds0rF0x]

WaMu isn't part of the bailout, they were bought out right by JP Morgan. I DO want to see the FBI investigate them and that CEO as I was SCREWED out of part of my ins settlement by WaMu. There was no way in HELL I was going to allow them to hold half of my ins settlement, ESPEcially while they were in the midst of going **** up. I bet $ to doughnuts I'd have never seen the 2nd half of my cash. They should all rot in a festering sewer. I'm trying to work a refi locally with my credit union. Everyone should do themselves a favor and give their business to a local bank or CU. I've had my account there and every car loan there since I was a small child. When I walk in people know me by name, and when I say people I mean the CEO and VeeP and such, not just the tellers.

 

[penguin]

As alot of y'all say, gotta love capitalism! That right there is how America is supposed to be...

 

[sylvest]

As alot of y'all say, gotta love capitalism! That right there is how America is supposed to be...

why dont we just go socialist and please you then. im ready to see your witty smartass response towards me on how i am an idiot and your way is the only way to do things because everything in your life is more important than the second ammendment and us saving money, etc, etc, etc......please dont let me down give me a good bs response

 

[penguin]

why dont we just go socialist and please you then. im ready to see your witty smartass response towards me on how i am an idiot and your way is the only way to do things because everything in your life is more important than the second ammendment and us saving money, etc, etc, etc......please dont let me down give me a good bs response

Well, you'll be waiting a long time as I don't make my political responses personal attacks...

 

[BSGA]

I don't think the problem is so much capitalism, as lack of accountability. We as a society have become accustomed to not expecting it, and we should. CEO's and Boards of Directors, (not to mention politicians) get a free pass much too often, and nobody ever holds their feet to the fire for performance. Lower down the food chain, if a worker doesn't perform, they are fired and get no perks out the door. Why should a hired gun like a CEO be treated any better, ESPECIALLY when they fail? I could understand it, if it's an owner who built a bussiness with his own blood, sweat, and tears. It's his company, he can do as he pleases. But a hired gun, while maybe justifiably earns a higher salary, is really no better in principal than a line worker. So why the huge bonuses and golden parachutes even when they fail? Just smacks of legalized robbery to me.