From CNN:
Here is a taste of why this whole thing is disgusting and out of control.....
...Washington Mutual CEO Alan Fishman learned last week.
When WaMu failed and was seized by government regulators, Fishman had been on the job for just 17 days. However, he was contractually guaranteed $11.6 million in cash severance on top of the $7.5 million signing bonus he got for taking the job.
Basically, Fishman netted just under $20 million for 17 days of work, which is a pretty nice setup for the head of a collapsing corporation. (In Fishman's defense, it's tough to blame WaMu's failure on his leadership alone; it seems highly unlikely that any CEO, however determined, could crash such a large thrift in just two weeks.)
With the salaries and bonuses mentioned in this article, we can get some bailout funds for people and not banks.
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