Amid all of the craziness from the last few days, it seems that not enough people are highlighting the fact the Chief Executive Officer of Washington Mutual is being given a $20 million payout. Seriously, you need to click on that link and see what type of perks this guy got for being hired as the CEO of Washington Mutual – a failed company that will be remembered as the largest bank failure in United States history (for now).
This man’s compensation is disgusting, but not uncommon. Think of all of the professional athletes who get paid millions to play games. There are people all over our society that are overpaid. The difference with this guy at WaMu, though, is that his job is to protect the investments of his investors (i.e. those who have a financial relationship with his bank). This man failed. I don’t care if he only had the job for 17 days. He failed.
And he’s getting $20 million for failing? Where can I sign up for that job?!?
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