Wednesday, October 01, 2008

I'll Take "Losing My Job for 19 Million" Please Alex

Talk about winning the lottery. Alan Fishman was just hired as WaMu's CEO 3 weeks ago and will walk away with almost $19 million dollars because the FDIC sold the bank to JPMorgan Chase. Unlike other golden parachutes, this guy didn't make the mess at WaMu, he was just the lucky bastard that didn't have to fix it and still got paid.

I saw this happen all the time when I worked at the cable company. We would get a new regional VP and he/ she would bring in their crew. Corporate would get impatient after 6 months or a year and bring in a new VP and all of the "guns for hire" would walk away with severance packages for $100 -250 thousand dollars and then they would go to the next gig for some other company. As long as one of them gets hired, ususally the whole crew stays employed. It's amazing that once you reach a certain point, you can get paid an obscene amount of money for failing. If all of this had happened in Japan, you would see CEOs and greedy bankers killing themselves left and right for dishonoring their company and failing their employees and country.


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