WaMu Exec gets huge exit bonus

Discussion in 'Politics, Religion, Social Issues' started by dukebound85, Oct 1, 2008.

  1. TheAnswer macrumors 68030

    TheAnswer

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    #3
    I'm all for severance packages for these guys.

    I'd like said packages to contain their heads.
     
  2. yg17 macrumors G5

    yg17

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    #4

    I'd rather it contain their balls instead. Then they have to live with their mistake.
     
  3. joepunk macrumors 68030

    joepunk

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    #5
    Link
     
  4. dukebound85 thread starter macrumors P6

    dukebound85

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    #6
    thats good and all but what about the current ceo, Alan Fishman, getting his mega buy-out?
     
  5. marbles macrumors 68000

    marbles

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    #7
  6. TheAnswer macrumors 68030

    TheAnswer

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    #8
    Yeah, they should change severance package to package severance.
     
  7. ucfgrad93 macrumors P6

    ucfgrad93

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    #9
    This is outrageous. These "golden parachutes" need to be outlawed.

     
  8. Don't panic macrumors 603

    Don't panic

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    #10
    communist!
    :D
     
  9. mactastic macrumors 68040

    mactastic

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    #11
    Why all this hatred towards the rich? Aren't companies allowed to compensate their executives as they see fit? This is the free market in action, why would you conservative leaning folks want to interfere with it?

    Isn't outlawing this practice the antithesis of the free market? And wouldn't that presume that the government knows better than shareholders how to spend shareholder monies? :confused:
     
  10. dukebound85 thread starter macrumors P6

    dukebound85

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    #12
    well seeing how WaMu just failed and that taxpayer money is about to be used to save these banks, it is a little sickening to think that after 3 weeks and the failure of the bank, that the CEO will be rewarded handsomely


    yes i have no problem with free markets doing as they wish, including giving mega bonuses to these guys. HOWEVER, it is not "free markets" when the government is steeping in to rescue failed institution using taxpayer money and yet the failed institution still gives out these mega bonuses funded by you and me

    i like your sig as its true. now if the profits AND losses are privatized, i have no problem with these bonuses as they are reaping their rewards and distributing them as they see fit
     
  11. marbles macrumors 68000

    marbles

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    #13
    No hatred toward the rich ....more displeasure at the state of affairs that are affecting men women & children worldwide because of the action of the few ......and the few are still getting paid ..regardless.

    "The free market" ...meh.


    Sometimes a government needs to actually govern ....... you know , to stop this kind of thing from going on .....it's a joke !.
     
  12. nanofrog macrumors G4

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    #14
    $19M for 3 weeks of work.
    Why can't I find jobs like that? :D :p

    On a serious note, this is just insane. Especially the former CEO getting $74M for running WaMu into the ground. :mad:
     
  13. ucfgrad93 macrumors P6

    ucfgrad93

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    #15
    Agreed.
     
  14. it5five macrumors 65816

    it5five

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    #16
    Please correct me if I'm wrong, but WaMu didn't get any government money for a bailout. They were bought by JP Morgan Chase. So if I have my facts straight, you free-marketers still have no room to speak about exit bonuses.
     
  15. freeny macrumors 68020

    freeny

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    #17
    Thats $1256.61 per minute assuming they worked 24 hours a day for those three weeks.
     
  16. nanofrog macrumors G4

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    #18
    Not bad, especially for just signing a few pages here and there and answering phones. ;) :p

    Of course, if the person on the other end of the phone was a major shareholder and highly pissed, the stress levels would have been through the roof. ;)
     
  17. Unspeaked macrumors 68020

    Unspeaked

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    #19
    I'm guessing the chance to pawn off some of the bad MBS WaMu held to the US government might have had something to with their purchase.
     
  18. takao macrumors 68040

    takao

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    #20
    something which is actually considered in france after a few similiar (though less outrageous cases)

    surprisingly for once i agree with Sarkozy
     
  19. mactastic macrumors 68040

    mactastic

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    #21
    I agree. I just have a hard time believing all these new converts to government oversight. ;)


    Vee are all socialists today, komrade...

    If they'd accept the risks of their actions, I wouldn't have a problem either. But we've seen this pattern over and over. The fat cats that can buy access to power never seem to have to suffer the consequences of their bad decisions. They are more than happy to keep all the profits (and scream bloody murder about jackboots and stealing from them at the point of a gun if you even so much as consider taxing them a little more); yet will gladly pass the bill for the disaster they caused on to the American taxpayer.

    I'd also be a little more sympathetic if we didn't just enact stricter bankruptcy laws because you just can't trust the little guys to take personal responsibility for their decisions. The major banks were largely in favor of this new bankruptcy law at the time. Now they want what they would not provide to the little guy.
     
  20. dukebound85 thread starter macrumors P6

    dukebound85

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    #22
    well im still not a convert to government oversight, but that is especially the reality at the moment and as such, it should be handled appropriately
    i agree
     
  21. OutThere macrumors 603

    OutThere

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    #23
    Here in France we had a good visual rendition of this situation hit the newsstands today:

    [​IMG]

    Roughly "That they hang from their golden balls."

    http://www.sinehebdo.eu/ 140,000 copies everywhere in france.
     
  22. iShater macrumors 604

    iShater

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  23. mactastic macrumors 68040

    mactastic

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    #25
    Which makes me wonder why people such as yourself (and you are far from alone in this) are openly advocating government oversight in this situation. Is it political expediency, so as not to wind up on the wrong side of public opinion on the matter? Is it a change in your views, in that there are some situations so extreme that government intervention is the only solution? Or something else entirely?

    I'm curious why THIS situation in particular has so many free-marketeers not just accepting government oversight as a fait accompli, but openly advocating for it.

    The mining disasters we've seen over the last few years can be, at least in part, traced back to weakened government oversight. The fake "energy crisis" we had in California a few years back is directly tied to deregulation. The airlines were deregulated years ago, and have had to come back for handout after handout, while still not managing to get themselves on solid financial footing.

    And yet the "deregulation express" has chugged onward.

    This isn't necessarily directed at you in particular...
     

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