Lost in the news of WaMu’s collapse is this piece:
But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates.
Let’s do the math:
Fishman started on September 8. The sale of WaMu happened on September 25. That’s 14 weekdays. Let’s assume he was working 10-12 hour days, so we’ll say on average 11 hours. 14*11 = 154 total hours as CEO. If he doesn’t receive any severance, he will have made $48,701.30 per hour. If he receives his full severance, he will have made $124,025.97 per hour.
Of course, had they not hired anyone, a similar outcome was likely.
