Not Enough Bullets, Part 2 of Who Knows How Many

Alan H. Fishman. former CEO of the former Bank Wamu, got $20 million for his 17 days on the job:

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.

He also was eligible for annual bonuses of up to 365 percent of his annual base pay — set at $1 million — to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009.

We are paying a bunch of Harvard MBAs to fail, and not surprisingly, that's what they produce, failure.

Of course, the employees and their pensions....C'est caduc.