WaMu... R.I.P.

Government Seizes WaMu and Sells Some Assets - NYTimes.com



WaMu is going down tonight. Interesting note: Alan Fishman, the company's new CEO has been on the job less than 3 weeks and by initial review will keep his $7.5 million signing bonus and will be eligible for $11.6 million in a cash severance... not bad for 3 weeks of work.

It is hard to watch these CEOs walk away from failed companies with obscene amounts of cash. Risk and reward always go together. When risk catches up to these leaders how is it they still get their reward? Every time that happens, it usually means someone lower in their organization gets a really raw deal.

I would not do well packing up my desk and going home to my family in need of a job while my CEO who got me there walked with $10 million. How about you?

Big Words

"Decisions by the Secretary (of the Treasury) pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
This is exact language in the bail out plan that the President has brought forward. The press has not picked up on it, much. If you have a minute, call your congressmen and ask him/her to stand up and hold a line on this one. Checks and balances are a good thing, especially as history judges this very volatile time in our country.