The virtual collapse of Washington Mutual was a tragedy for many thousands of customers and clients. Everyone, however, is breathing a sigh of relief: he recently hired CEO Alan H. Fishman has landed on his feet. He only worked at WaMu for 17 days and will receive roughly $20 million. Thinking on the bright side, just think how much he would have cost to fire if he ran a successful company. This is a budget basement deal. I am also using this opportunity to demand my own termination at George Washington Law School.
Lest anyone would object to this compensation package, it is only a little over a million dollars a day to ride a company into the dust of financial ruin.
This includes a $7.5 million bonus but a $11.6 severance package for his many days of loyal service. My question is whether, after only two weeks in the job, Fishman actually knows where the payment office is in the headquarters.
It is important to note that Fishman is modest in comparison to former American International Group (AIG) CEO Martin Sullivan who received a $47 million severance package after leading his company to financial ruin. (Notably, his successor at AIG Chief Executive Robert Willumstad declined a $22 million severance package because he failed to achieve a restructuring plan). Stanley O’Neal at Merrill Lynch walked away with $66 million, shortly before the company was taken over by Bank of America. Indeed, it is great to be fired today. Ken Thompson was thrown out of Wachovia in June and got $5 million while Chuck Prince was forced out at Citigroup and given $16 million. Even John McCain’s financial adviser Carly Fiorina received $45 million including a $21.5 million severance package from Hewlett-Packer. Fiorina insists that it was just $40 million in severance. Fannie Mae’s Daniel Mudd and Freddie Mac’s Richard Syron received huge severance packages after leaving just before criminal investigations were launched (Mudd earned $11.6 million last year, and Syron made $18.3 million). I feel like an idiot. I have been trying to succeed at work.
As of today, I am announcing my intent to be fired from the George Washington faculty for a comparable severance salary. I have worked at GW for 19 years. That comes to 6935 days or $6,935,000,000. I will go in for my check on Monday, but allow me to thank all of my students and colleagues for their hard work and friendship. My termination is a bitter thing, but my $7 billion severance will at least give me some solace in my golden years.
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Hey, if we’re talking credit, I was in for a yard. Not these measly 20 dollar pledges.
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I mean if we’re keeping track and all…
PattyC,
I mean no disrespect to Mespo. It was just that CMM was the last one who mentioned it. I also agree with Mespo.
Give credit where it’s due – that was mespo’s idea…!!!!!!!!!
Prof. Turley,
If you are successful with your demands to GW, please let me know. I will apply for the first position of any kind there. Those are some great returns. I also would like to agree with Cro Magnum that I am in for $20.00 if it would work in making Sarah Palin leave the national scene. Luckily, every time she opens her mouth she is helping our cause so I may only have to pay $10.00!
Of course, if we give it an extra 17 days I’m fairly confident Ms Palin will be “going away” without our contributions.
mespo727272
1, September 26, 2008 at 7:58 pm
What do you think it would cost to get Sarah Palin to go away in 17 days? I’m in for $20.00! How about a million more like me
Hell put me down for a yard.
You guys are thinking small on this one. This could be a whole new futures market. Imagine it, people buying and selling stock of people NOT working for them in the future. If you could have bought up the relatively cheap stock of Tom Cruise not working for a movie studio before the whole Scientology thing, you would have made a killing.
What do you think it would cost to get Sarah Palin to go away in 17 days? I’m in for $20.00! How about a million more like me since that is the going rate for buying off buffoons as they leave a sinking ship. Let’s hit up JT too. He’s got a sweetheart deal from GW I hear. After the Couric interview I think we need to take up a fund for both interviewer and interviewee. Yeesh!!
JT said…
As of today, I am announcing my willingness to be fired from the George Washington faculty for a comparable severance salary. I have worked at GW for 19 years. That comes to 6935 days or $6,935,000,000. I will go in for my check on Monday, but allow me to thank all of my students and colleagues for their hard work and friendship. My termination is a bitter thing, but my $7 billion severance will at least give me some solace in my golden years
Do you think they’d consider firing me?
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I realize I don’t work there but they shouldn’t hold that against me.
hud.gov/offices /hsg/fhahistory.cfm
JT,JT,JT – this is all a simple misunderstanding.
And before you go off half-cocked and get yourself in trouble with the ADA, consider,a ‘dyslexic’s moment’.
Little doubt the money was intended for the FHA (Federal Housing Adminstration) ie HUD which provides allkinds of info on how to secure loans AND futures – for first-time home buyers – NOT the ‘AHF’
(Alan H. Fishman)
DUH…
http://www.marketwatch.com/news/story/nar-fha-work-together-help/story.aspx?guid=%7B62C57C74-6F54-4A5D-ABCD-034F380F89A4%7D&dist=hppr
He’ll be fine. Airlines are always looking for good people like him!
I will not sign anything unless someone can assure me that Mr. Fishman will be okay. He needs his money. Just imagine what it will be like when he interviews for his next job and mentions his prior level of compensation. With the exception of becoming the head of Qatar, this could be his last score.
There are pictures of a protest against/on Wall Street on alternet. They should have had the decency to give him the money after the bailout. There’s a reason that Morgan and GS turned themselves into traditional deposit banks. They can buy up the plumb assests at firesale prices now and pawn off the crap on us, at above market value becuase their buddies are formulating the bailout. This is all sickening. Bernie Sanders website has a petition about the bailout for anyone to fill out.
This is the kind of bullshit that got the Czar and Company deep-sixed in Russia. I don’t like cake, and won’t eat it. But, I’m starting to look into used AK47’s .
I’m sure you can make a good baloney sandwich for 15 mil and change…
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Especially when you’ve already got the baloney.
…sack lunch maybe.
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Carpool.
Yea, I guess that stuff does add up.
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But he could have at least tried Vonage™.
Well, CMM, you are forgetting the often overlooked costs: getting your keys changed, recording a new voice mail on the office phone, finding your parking spot. These things add up . . . to 20 million dollars.
20 mil for 2 and a half weeks worth of watching a bank collapse?
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Great work if you can get it.
Below are a couple of links that may be of interest.
1. Bernie Sanders petition on the bailout (open to all) and
2. A picture and article of a protest on Wall Street–“see you in the soup line!”
http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1
http://www.alternet.org/workplace/100414/protesters_take_their_outrage_to_wall_street_/