Friday September 26, 4:29 pm ET

By Marcy Gordon, AP Business Writer

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.

read more here
http://biz.yahoo.com/ap/080926/wamu_ceo_pay.html?.&.pf=banking-budgeting


Bailing these guys out is definately the right thing to do.

Yeah right