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Alan Fishman (Washington Mutual)

Written by | October 21st, 2008
As I am a person that has always believed in hard work and great opportunity in this country, I am now one of the many outraged citizens that is watching these large companies, not only tanking but rewarding their CEO’s with huge sums of money, while the government throws billions of tax payer dollars at these companies. Is this the reward for failure?
 
My first example is a man named Alan Fishman…
 
Washington Mutual may greatly reward him, in the amount of 19 million dollars, for 18 days of work; that’s right, 432 hours on the job.
 
All of this, while many, many home owners who had a mortgage threw Washington Mutual, are loosing their homes.
 
You can read more at:
http://www.fool.com/investing/dividends-income/2008/09/29/wamu-richly-rewards-ceo-failure.aspx
 
Please tell me, is there anything wrong here?
 
Mark
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2 thoughts on “Alan Fishman (Washington Mutual)

  1. LdyBelle

    Completely wrong! I don't think any of us in the "real work world" would be rewarded so highly for a poor performance.. Grant it, he came in towards the end, so the downfall wasn't his fault per se but it's ridiculous that a CEO or anyone can get paid such as that… What about the story of AIG going to a spa retreat after the bailout? Insane – Totally insane!

    Reply
  2. markross Post author

    Hi LdyBelle,

    I agree with you 150%.

    In all fairness, I'm sure that a lot of these men have worked very hard to get to these positions, in companies, and likely deserve a fair compensation.

    However, that was precisely the point here, in my post; we would never get this sort of compensation for such poor performance, if any at all. In fact, we will likely be let go.

    Yes, he did come in at the end, and perhaps he was even contractually entitled to that money, but just on a moral level, it is very wrong, in my opinion.

    If he were a decent guy, he could at least take half of that money and donate it to a good cause.

    So, now that JP Morgan Chase has bought out WM, we will see if they actually cough up the money to this guy.

    Oh yes, the AIG story, that is sick!

    I believe that they spent $400,000 on that retreat, but do you know what the real kicker is? The kicker is that the government is giving them more money, still.

    Mark

    Reply

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