WaMu CEO could make $13 million for 3 weeks' work

WaMu CEO could make $13 million for 3 weeks' work

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Story Published: Sep 26, 2008 at 2:03 PM PDT

Story Updated: Nov 21, 2008 at 2:55 AM PDT

By Associated Press

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.

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