Friday, September 26, 2008

WaMu Failed

We're no longer Washington Mutual customers.  Neither are you.  WaMu failed this evening, marking the largest bank failure in the history of the US.  As far as our finances go, nothing has changed.  The FDIC brokered a deal and sold off everything WaMu to JPMorgan Chase.  So now we're Chase customers.  But the transition will take a few months.  And I'll still go deposit my paycheck in the local WaMu branch tomorrow.

This is kind of sad.  Washington Mutual has been good to us.  We've liked them.

Bonus for Alan Fishman, though.  He was hired as Washington Mutual's CEO on September 8, 2008.  Seventeen days ago.  He was awared a $7.5 million signing bonus and now presumably gets a severance package of $3.65 million.  Yes, you read that right, the man gets over $11 million for seventeen days of work.  Had he stayed on board, his annual salary was $1 million a year (plus options).  It would have taken him years to earn with a successful business what he earned in two weeks with his own bank failing.  No conflict of interest there, right?

Anyone want to recommend a good bank for us?