Brace yourselves, because this one's a doozy.
So everyone's heard about the Washington Mutual meltdown and JP Morgan's subsequent takeover of the company, its acidicly toxic assets, and the entire organizations financial manhood. It gets worse.
Alan Fishman, Wamu CEO who was hired on September 8th, is set to collect a payout of $11.62M (in addition to his 7.5M signing bonus)if he decides to leave the newly combined company. Crain's New York explained:
The agreement calls for Mr. Fishman to earn 2.5 times his base salary of $1 million, or $2.5 million, plus another payment that is 2.5 times his annual bonus. He has earned no bonus in his brief tenure, but the agreement states that if Mr. Fishman is terminated in 2008 or 2009, he should receive 2.5 times 365% of his annual salary, which would add up to $9.12 million.
This $11.62 million, of course, would be in addition to the $7.5 million signing bonus he was awarded when he joined WaMu earlier this month.
I know, it makes my penis shrivel up too. My favorite part is that if he is "terminated" in 08 or 09, meaning he's axed for fucking up, he "should" receive 2.5 times 365% of his annual salary.
Put simply, homeboy is lookin at around $19M for what, 23 days of work??
What a fucking gig.
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