Saturday, September 27, 2008

Bankrupt WaMu CEO got $147,000 per hour

Bankrupt WaMu CEO got $147,000 per hour

The top CEO of Washington Mutual, who got his job after the prior CEO bailed out with his own diamond-studded golden parachute less than three weeks earlier, quit yesterday and cashed in with $20 million in "salary" after only 17 days on the job.  His major "work" was engineering the bankruptcy of the firm.  Assuming he was on-call and active 24-hours a day, without a break, that figures to $49,019.60 per hour.   But more realistically, assuming he "worked" a mere 8 hours per day, it figures to $147,000 per hour.

WaMu Gives New CEO Mega Payout as Bank Fails,2933,428641,00.html

Here's more, on a few other mega-firms that went bankrupt only a few days ago:

...the CEO of bankrupt Lehman Brothers, Richard Fuld, received total compensation of 71.9 million dollars in 2007, including stock, bonuses and other pay, according to a survey published by Forbes magazine.
Martin Sullivan, the chief executive of AIG, who left the insurance giant before it was rescued this month by the federal government, received 14 million dollars, a survey in USA Today said. He also quit with a severance package worth 47 million dollars.
Even punishment for those at the center of the chaos comes with a gold lining.
When the government took over collapsed mortgage giants Fannie Mae and Freddie Mac, ousted bosses Daniel Mudd and Richard Syron were not allowed 12.59 million dollars worth in severance payments.
Yet they still got out the door with 9.43 million dollars in retirement benefits.

And BTW, that $700 Billion (or a cool Two Trillion once the interest payments over time are figured in)  works out to something between $10,000 to $20,000 being paid out by every working American citizen (assuming half the 300 million US population is defined as a worker).  An instant non-negotiable not-voted-for $20,000 tax from your pockets into the pockets of the "investor-class" who are ooh-soo-soorry about having gambled and lost in the Wall Street casinos, or who signed mortgage loan agreements which they did not read or understand, on wildly over-inflated properties they could not afford... but no matter.  Everyone will now socialistically pay their "fair share" equally, to compensate for the willfully criminal or stupidly irresponsible gambling away of private funds by a small minority of people, most of whom are among the most well-heeled of US citizens.

According to an ironic bit by Ann Coulter, the Clinton Congress had passed laws requiring banks to process mortgages where minority-status and low-income individuals could include welfare payments and unemployment benefits as "salary" -- leading to the joke about "food-stamp mortgages".
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.

Some of the same Congressmen who engineered that fiasco are today "standing tall" in front of the TV cameras, sweaty-faced and with phoney smiles, waving diamond-ring-studded hands in the air, and posturing about how they now have it all figured out, and what to do next (would you buy a used car from any of them?). They are the ones thumping the podium and with serious looks, demanding "quick action"! 

A few in Congress appear to be resisting this Trillion Dollar bail-out, and instead want to engineer a loan to Wall Street, not a bald-faced "give-away", and that's a big improvement -- let them pay back whatever they get from the US Treasury... but it still stinks.

Once more, in case you haven't already, make your voice heard, or don't complain when you get the bill.

US Senators:

US Representatives:

Also, Office of the President, VP, etc.
And also these two guys:

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