Friday, September 26, 2008
McCain blocks credit relief plan
So the Feds seize WaMu the real estate whale to show the urgency of getting a plan in place. JP Morgan Chase has a huge new franchise and a large addition to their shitpile for a mere $1.9Billion but they are better able to handle it. This relieves some of the immediate pressure on Washington to get a deal done. And the winner in this whole magilla? Alan Fishman, CEO of WaMu, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus. Nice work if you can get it.
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