California Real Estate Fraud Report

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01
Oct

WaMu Not So Broke After All – CEO Golden Parachutes

WaMu apparently doesn’t need the taxpayers’  assistance to bail it out of its incompetent business practices. Alan Fishman, the CEO of Washington Mutual Inc. for only 17 days before the Seattle-based thrift failed, is entitled to $19.1 million in severance and bonus pay, which includes his $7.5 million signing bonus.

WaMu was seized by federal regulators and sold to JPMorgan Chase & Co. Sept. 25 following more than a year of takeover rumors.

According to a WaMu filing with the Securities and Exchange Commission, Fishman is not the only WaMu executive who will have a Merry Christmas. The WaMu executive with the biggest termination package is Stephen Rotella, president and COO. Rotella stands to walk away with a cash severance of $12.7 million if he is terminated or quits with “good reason.”  CFO Thomas Casey would receive a cash severance of $6.3 million if he is fired or quits with “good reason”.

Read the Full Article in the Pacific Business Journal.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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