$13.6 Million for 18 days on the job
This is why no deal should be made to bail out Wall St with some major oversight. Under no circumstances should Hank Paulsen be given a blank check when you have someone like Alan Fishman can walk away from the biggest bank failure in US history with $13.6 million. It’s bad enough that he might get that kind of money but Fishman had been CEO of Washington Mutual for only 18 days when it collapsed and was taken over by the FDIC before be turned over to JP Morgan Chase. This sort of profligate pay for executives who do nothing positive for a company must not be allowed to continue. As I said before, every dime taken in profits by executives and traders in this mess should be be paid back to the federal government in return for any kind of bailout. In addition, executive pay needs to be capped in some way, not just for the financial business, but all businesses. The tax deductions for executive pay needs to be limited to some reasonable multiple of the average salary of other employees. These obscene numbers must stop!
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September 27th, 2008 | Category: business, politics
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