Bail these motherfuckers out? Really? - BF2S Forums

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Bail these motherfuckers out? Really?

2008-09-27 09:42:09

#1

Mekstizzle: WALKER; +3,611|6926|London, England

WaMu Gives New CEO Mega Payout as Bank Fails

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.

http://www.foxnews.com/story/0,2933,428641,00.html

(Also don't ask me why I was reading Fox news, I was just......checking it out to see what was going on)

2008-09-27 09:44:22

#2

Spearhead: Gulf coast redneck hippy; +731|6995|Tampa Bay Florida

Why are we giving anyone jack shit? Makes absolutely no sense. They have a college degree and already have a lot of money. They'll make it on their own.

2008-09-27 09:45:47

#3

Locoloki: I got Mug 222 at Gritty's!!!!; +216|6945|Your moms bedroom

he shouldnt get 20 mil. let alont 20k, thats whats wrong with bank failures. These bank managers and CEO's of failed organizations should be left broken men with broken homes

2008-09-27 09:52:01

#4

Spearhead: Gulf coast redneck hippy; +731|6995|Tampa Bay Florida

https://i38.photobucket.com/albums/e109/Spearhead1944/donwright.jpg

2008-09-27 09:54:49

#5

Locoloki: I got Mug 222 at Gritty's!!!!; +216|6945|Your moms bedroom

I take that back, cant really fuck anything up with only 3 weeks at the helm, kind of reminds me of fun with dick and jane when dick gets promoted just as the company is announced as failing. I gaurantee you the guy who left 3 weeks earlier knew what was going to happen

2008-09-27 09:58:01

#6

Mekstizzle: WALKER; +3,611|6926|London, England

Locoloki wrote:
I take that back, cant really fuck anything up with only 3 weeks at the helm, kind of reminds me of fun with dick and jane when dick gets promoted just as the company is announced as failing. I gaurantee you the guy who left 3 weeks earlier knew what was going to happen

That doesn't matter, nobody is saying it's his fault. However, he doesn't deserve any bonus or anything like that either. I remember reading something about some French guy who was to start working for Lehman (in London) on the day it collapsed. He didn't get shit. He was just told to go away and that's it.

The fact that these people are able to give out $20m bonuses to people who have only been working for a few weeks is insane considering their situation.

Last edited by Mek-Stizzle (2008-09-27 09:58:41)

2008-09-27 10:08:04

#7

m3thod: All kiiiiiiiiinds of gainz; +2,197|6977|UK

Stanley O'Neal

During August and September 2007, as the sub prime crisis swept through the Global financial market, Merrill Lynch announced losses of $8 billion. In October of the same year, he announced his retirement and walked away with a compensation package valued at $161.5 million.

http://en.wikipedia.org/wiki/Stanley_O%27Neal

Blackbelts are just whitebelts who have never quit.

2008-09-27 10:27:50

#8

KEN-JENNINGS: I am all that is MOD!; +2,984|6937|949

m3thod wrote:
Stanley O'Neal

During August and September 2007, as the sub prime crisis swept through the Global financial market, Merrill Lynch announced losses of $8 billion. In October of the same year, he announced his retirement and walked away with a compensation package valued at $161.5 million.

http://en.wikipedia.org/wiki/Stanley_O%27Neal

Nice wiki link fag.

The thing that gets me is that shareholders (board of directors; co-conspirators in the global [fill-in-the-blank] market) are commonly the ones who push CEO incentives to reward behavior beneficial to shareholders, yet the failing or even destructuring of a bank hangs shareholders out to dry.

I don't blame the guy for taking that compensation - "here is an obscene amount of money, proceed to do whatever you want." "Ok, thanks."

Last edited by KEN-JENNINGS (2008-09-27 10:29:34)

2008-09-27 14:20:54

#9

FEOS: Bellicose Yankee Air Pirate; +1,182|6716|'Murka

Mek-Stizzle wrote:
WaMu Gives New CEO Mega Payout as Bank Fails
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.
http://www.foxnews.com/story/0,2933,428641,00.html

(Also don't ask me why I was reading Fox news, I was just......checking it out to see what was going on)

I hate the idea of golden parachutes...but that guy's not the one who fucked that company over, either.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2008-09-27 17:27:54

#10

Kmar: Truth is my Bitch; +5,695|6906|132 and Bush

Spearhead wrote:
Why are we giving anyone jack shit? Makes absolutely no sense. They have a college degree and already have a lot of money. They'll make it on their own.

Because without a sense of confidence, via government taxpayer support, people will make a run for their money causing moar panic and further escalating the situation.

Disclaimer: That is the working theory at least. So I've been told.

Xbone Stormsurgezz

2008-09-27 18:21:09

#11

Ajax_the_Great1: Dropped on request; +206|6952

I don't see how this is any worse than them making millions more than their average employees in the first place.

2008-09-27 18:27:25

#12

Diesel_dyk: Object in mirror will feel larger than it appears; +178|6300|Truthistan

We should take a lesson from the chinese on how to deal with corporate and business corruption

Watch what happens to those business guys who cut the milk with melamine in order to make more money.
The chinese are going to put those guys in front of a firing squad. That's how they deal with issues of greed over there. Here its almost an excuse to say "we wrecked things" or "we killed people" but we did it out of greed so that makes it all right.

I wonder what the chinese would do if some corporate CEOs sunk the entire chinese economy??!!

No golden paracute that's for sure, they would get lead shot and one way ticket to hell.

2008-09-28 00:32:07

#13

Harmor: Error_Name_Not_Found; +605|6854|San Diego, CA, USA

Ajax_the_Great1 wrote:
I don't see how this is any worse than them making millions more than their average employees in the first place.

Making $20 million/year when you making your company hundreds of millions of dollars in profit, acceptable.

Making $20 million for 17 days of work (the equivalent of about $430 million/year), defrauding the shareholders. Someone needs to goto jail.

2008-09-28 00:59:43

#14

TrueMusou: Member; +36|6466|United States Of Hamerica

Harmor wrote:
Ajax_the_Great1 wrote:
I don't see how this is any worse than them making millions more than their average employees in the first place.
Making $20 million/year when you making your company hundreds of millions of dollars in profit, acceptable.

Making $20 million for 17 days of work (the equivalent of about $430 million/year), defrauding the shareholders. Someone needs to goto jail.

Jail? OR! Castration?

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