WaMu Gives New CEO Mega Payout as Bank Fails

WaMu Gives New CEO Mega Payout as Bank Fails

www.foxnews.com

That's right, $20 million for 17 days on the job ... and his company failed.

(visit the link for the full news article)

I was just sent this link from Fox news by a friend. Outrageous ! What I want to know is where is this money coming from ? Is it being covered by JP Morgan, or is it somehow related to the fed seizure ? If it somehow is covered by the fed there should be hell to pay. As a relative newbie to the finincial scam..er I mean "scene" I'm confused about this one.

www.foxnews.com
(visit the link for the full news article)

Nice, over 1 million dollars a day. Any questions?

I will say this though. Its not like it was this guys fault Wamu failed he just came on and frankly if I was coming on to a company like WAMU knowing I had to fix it like it needed to be I would of negotiated a huge payday also. But the taxpayers should not have to cover this however.

Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

Wish I could get a job where the description and qualification was 'simply not screw up and get fired'. People get paid 8 million for that but skilled workers get their jobs out sourced then terminated.

I know I could lead a company onto the rocks and I'll do it for 6 million.

Guess this corporate welfare system will never end.