Monday, September 29, 2008

Only in America

Word has it that Alan Fishman, the Washington Mutual CEO who took the top job 18 days ago before presiding over the largest bank failure in the nation's history, will walk away from his job with $13.65 million. Not bad for less than three weeks on the job, wouldn't you say?

Let's see, that's $758,333.33 a day.

I have lots and lots of friends who won't make that king of money in a lifetime of work.

Lot's of people may think that a legitimate dimension of so-called "free market economy."

In fairness I need to add that I read yesterday that the deal may be reconsidered.

If the agreement goes forward on these terms, I'd call it injustice at best. And in view of all the lost jobs tied into the failure and its fallout, I'd say its a very clear expression of just how out of kilter we are as a nation.

4 comments:

Anonymous said...

I am actually glad it happened. Only because this brings the stupidity of the golden parachute for the failed executive to light. If this guy had any conscience how could he take that amount of money. Oh I forgot. They don't have one.

RC

Anonymous said...

I have to say that if he was only there 18 days, at least he wasn't responsible for the failure. Even worse is someone who was at the helm for years at one of these failed institutions walking away with millions. He just got a windfall. They would be profiting from their failure.

c hand said...

Lot's of people may think that a legitimate dimension of so-called "free market economy." ?????

Can you name three?
This is a dimension of goverment medling in the economy.
If Mariah Carry makes millions just singing songs, it's none of my business to be envious of her. If the gov begins to buy her CDs and gaurantee a level of ticket sales, I would justly have a problem with her wealth.

Anonymous said...

chand, it is clear from your response that you would be one of the 3 you ask Larry to name.

What if Mariah Carey were conducting her business in a manner that hurt the music industry in general or that drove it into the ground for everyone? Where is the value added in that? Your theory seems to be anything goes so long as you don't get caught! Deregulation has been a complete disaster.