WaMu top executives get bonuses after painful year

Source: Seattle Post-Intelligencer

Had he decided to accept a cash bonus payment for his work in 2007, Washington Mutual Inc. Chief Executive Kerry Killinger would have been entitled to a payment of nearly $1.2 million, the company's board of directors has decided.

But even without it, Killinger still will receive various stock and option grants, and three other top executives will receive cash bonuses totaling more than $1.6 million, despite a year in which WaMu reported a loss for the fourth quarter, saw its stock price tumble by more than 70 percent and slashed its dividend by 73 percent.

The disclosures came in a filing Tuesday with the Securities and Exchange Commission, and follow last week's release of fourth-quarter and year-end results, both of which were losses for the Seattle-based consumer bank and mortgage lender.

... President and Chief Operating Officer Stephen Rotella will receive a bonus of $912,800, down from his 2006 bonus of $3.14 million. Chief Financial Officer Tom Casey's bonus of $391,200 is down from $1.36 million in 2006, while James Corcoran, president of retail banking, will receive a cash bonus of $277,100, down from $931,200 a year ago.

The four executives also received a reduced number of stock awards, which vest over the next three years.

Read more: http://seattlepi.nwsource.com/business/348349_wamu23.html

Where are these guys gonna find money to pad our two leading contenders???

Also boils, shingles, worms, constipation, and piles.

The combination of polyps with constipation would be a nice touch, too.

--p!

Jalapeno peppers soaked smokin' hot jalapeno pepper sauce.

the Big Daddies' photos would be in every post office for non-payment of support. They sure would not be getting bonuses for disrespecting and non-supporting their spouses(investors) and kids(employees).

all the money went to them...:eyes:

Thanks for imperiling our economy with your swindles: here's a bonus, piggies!

It's been a "painful" year! Surely an extra half million or million dollars will ameliorate that. Surely you heartless rabble don't begrudge them a bit of salve for their wounds, do you? And can't we please cut the tax rate on these bonuses? It's just awful that they have to have any of it withheld just to fund welfare queens in their Cadillacs.

for the worthless derivatives those guys created.

It means you have carte blanche on almost everything - money, health care, housing, toys, crime, etc. It means NEVER being held accountable. It means NEVER having to say you're sorry. It means NEVER having to care about the untermensch or their hapless plight.

And more importantly, it means NEVER having an angry public storm your house and hang you upside down, because you know that people are simply too afraid of drastic change.

Think: ENRON

Washington Mutual is about to fold. They are bankrupt. The officers are just trying to grab as much as they can while the ship is sinking.


Exactly the same thing as Morgan Stanley.