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I want their job…

by Morgan on April 23, 2008

The prescient executives at Washington Mutual must have seen it coming. How else can you explain the March change to their compensation plans that ensures bonuses are granted without consideration to the impact of the credit crunch and bad mortgage bets made by the bank? It must be nice setting your own rules.

Yes – I think I’ll make my bonus this year dependent on all of my successes taken in a vacuum without regard to the destruction I wrought with my over-zealous greed and shortsightedness. Sold!

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  • Sailor
    Ya like all of america or even just the customers of WAMU have all kinds of money setting around to buy preferred stock. Most of America and probably most of WAMU's customers are trying to figure out how they are going to make it through the next few months. The prices on everything is going up and these guys are making sure we all feel the pain. What a bunch of crooks. What ever happened to pay for performance or is that only for us blue collar workers.
  • Everyone is on everyone else's board ... that's how the old boys club protects itself. Still, individuals should own Preferred stock and vote rather than complaining about the compensation paid to big wheels.
  • One has to wonder why their Board of Directors was asleep at the wheel. I thought this junk was exactly what a BOD was supposed to exist to prevent. I guess nowadays they are all too much in the pocket of the executives, and they all still always expect the government is going to bail them out of their bad decisions.

    Every time the government bails anyone - corporations, individuals, whoever - out of the problems caused by their bad decisions, it just increases the chances for more of this to happen.
  • Carl - you're right. I don't know how a BOD rubber-stamps this change when
    they saw the world on fire out their windows. Did it not occur to them that
    perhaps they were in deep? WaMu's been in trouble for almost a year now...
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