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Showing posts from October, 2008

Alan Fishman Fleeced WAMU for $7.5 Million

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As the dust continues to settle around the annihilation of Washington Mutual by Jamie Dimon's JPMorgan Chase, common stockholders of WAMU should be readying the pitchforks and torches and hunting down the directors who so shamelessly abandoned the company in a week of a panic leading up to the congressional rescue vote. A good place to start the effigy is with replacement CEO, Alan Fishman, who stands to make $7.5 million in a signing bonus for two and half weeks worth of "work."

Fishman, who seems more interested in not spilling martinis on his evening wear than mulling through stacks of 8-Ks and 10-Qs, may have orchestrated this so-called run on the bank by phoning Treasury Secretary Hank Paulson and blowing the whistle to facilitate a fire sale of the nation's largest thrift. In my opinion, he should be sued and shamed far worse than Martha Stewart was for her ImClone dealings.

While Washington Mutual's loan portfolio stunk worse than a wino smeared in his own…