Should WaMu's CEO get his $18 million pay package?
Answers
112 points
1902 points
alanj answered 10 months ago …
Even though this is an outrageous sum of money it would depend on what his contract says. I am assuming it was approved by a board of directors or the stock holders. We'll have to wait and see if he does the humanitarian thing and refusing to accept the package.
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3970 points
EthanR answered 10 months ago …
I truly doubt anyone would turn down $18 million dollars! Since everyone in America gets an award or a trophy these days just for participating, how about instead of $18 million, we just give him $18 and a nice trophy and thank him for his efforts? Who is he going to sue for the rest of the money, WAMU? Good luck with that one.
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SallyG answered 9 months ago …
Actually, I do remember reading of one CEO who in the past year or so did turn down a substantial bonus because of the poor performance of his company (can't remember which; not in the financial sector), and a couple of CEO founders who take a minimal salary, if any, because they own a substantial portion of the company (Yahoo! and Google founders, I believe). And Gov. Corzine returns his salary to New Jersey (granted, it's not the large amounts he was probably accustomed to at Goldman Sachs, but he also paid his own medical expenses from his infamous car accident when he wasn't wearing his seatbelt).
I don't know all the factors that went into WaMu's meltdown; I heard that customers pulling deposits because of reports of what bad condition the bank was in was one of the final factors, probably out of the CEO's control. That said, if he could have but didn't stop WaMu's overexposure to bad mortgages,then, yes, he should forfeit his $18 million. Sorry for the long-winded answer to a seemingly simple question.
249 points
engcomp answered 9 months ago …
There was a time when people committed suicide when they let down those that trusted them. No the discussion is whether they should forfeit their bonus?
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SallyG answered 9 months ago …
Engcomp,
I don't want the 2 points from responding to this post a second time, and hope they don't give them to me, but I had to congratulate you on your perspective. The topic is, indeed, a sad commentary on our increasingly money-driven society that often seems to put personal relationships second. Thanks for shoring up my belief that there are still those who "get it"!
543 points
warren answered 9 months ago …
It's a sad, sad day if he accepts or even worse expects the full $18 million. Unfortunatel ethics rarely exist in big business, and truly, $18 million is peanuts on the big scale. No stink will be caused I am sure, and that is the problem. The US public has been dumbed down over time and don't care, are too busy, or are simply uninformed.
Have you protected yourself against the colapse of the US empire? It's almost too late.
Warren,
www.preciousmetalstockreview.com
102 points
richardamd answered 9 months ago …
Hell No!! He should not get that much even if WAMU did well. No one who is not investing his/her own money in there own business is worth that much.
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veterano1 answered 9 months ago …
No Way!!!!!!!!!!!! He wasn't the CEO for more than a few weeks. As a sign up bonus 1 million was paid, I think that is more than enough for him.
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427 points
larryat36 answered 9 months ago …
If you figure that he was there for 6 weeks at that 18 Mil, That would be equivilent to an average worker making $75,000 per hour. What do you think. Especially realizing the fact he did little or nothing for the Company or share holders.
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