WaMu CEO could make $13 million for 3 weeks' work
WASHINGTON (AP) - Washington Mutual CEO Alan Fishman, who took over on Sept. 8, could walk away with more than $13 million in severance and bonus pay.
According to documents filed with the Securities and Exchange Commission, Fishman gets to keep his $7.5 million signing bonus and a $6 million cash severance.
Fishman is expected to be replaced by new owner JPMorgan Chase. It paid $1.9 billion for Washington Mutual's banking assets in a deal brokered by federal regulators who shut it down.
Just two-and-a-half weeks ago Fishman replaced Kerry Killinger. He had led WaMu since 1990 and built it into the nation's largest savings and loan before it made too many bad mortgages.
According to documents filed with the Securities and Exchange Commission, Fishman gets to keep his $7.5 million signing bonus and a $6 million cash severance.
Fishman is expected to be replaced by new owner JPMorgan Chase. It paid $1.9 billion for Washington Mutual's banking assets in a deal brokered by federal regulators who shut it down.
Just two-and-a-half weeks ago Fishman replaced Kerry Killinger. He had led WaMu since 1990 and built it into the nation's largest savings and loan before it made too many bad mortgages.