Nice work — if you can get fired from it.
That's just what one Alan H. Fishman might have thought when he woke up Friday morning.
Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the WalMart-like price of $1.9 billion.
But don't cry for Fishman, who reportedly was sky-high (literally) last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.
That's right, $20 million for 17 days on the job... and his company failed.
Hey, looks like WaMu needs a new CEO! Give me the job, and a "mere" $1 million severance package! I promise I won't make any decisions at all for at least six months! Then you can fire me and get someone competent! It's a win-win!