WaMu Bailout a Bonus Bonanza for Brooklyn Bigwig


Towards the bottom of the New York Times' account of the seizure of Washington Mutual, the nation's largest savings and loan and a big player in troubled mortgage market, were some interesting details about longtime Brooklyn player and brand-new WaMu CEO Alan Fishman's non-role in the takeover proceedings and the big bucks he stands to reap for his three weeks of service to the company:

But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates.

Fishman is the former head of Brooklyn-based Independence Community Bank and later Sovereign Bank; he's also served as the chairman of the Brooklyn Academy of Music and the Brooklyn Navy Yard Development Corp. Nice work if you can get it!
Government Seizes WaMu and Sells Some Assets [NY Times]

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