Worked For Few Weeks, Got Millions
The CEO of the failed Washington Mutual Inc., would be earning Millions of Dollars. Mr. Alan H Fishman is entitled to get more than $13 Million, just for working for a few weeks. He was employed as the CEO of Washington Mutual Inc., before the nations largest bank was bought by JP Morgan Chase & Co.
He would be getting $13 Million for severance and bonus pay. He had signed an agreement which provides him with $6 Million Cash Severance and a bonus of $7.5 Million if he leaves his job. The board of Washington Mutual Inc., replaced Mr. Kerry Killinger with Mr. Fishman as the CEO as the bank was struggling with losses from soured mortgages.
Now with the takeover of WaMu, it is expected that the senior executives would be replaced by its new owners, JP Morgan Chase & Co., which paid $1.9 Billion. The deal was administered by the Federal Regulators who had shut down the bank.
When Mr. Fishman had taken over the bank, the bank was already in deep losses and had reported a $3 Billion Loss in the second quarter. The bank had loss its 70 Percent Face Value. Furthermore, Mr. Killinger was heading the bank since the 1990's and had built it into one of the country's largest banks.
The currect CEO Mr. Fishman was previously the president and CEO of Sovereign Bank and President and CEO of Independance Community Bank.
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