WaMu Rewrites Executive Bonus Plan To Avoid Subprime Meltdown Responsibility

The Seattle Times reports that Washington Mutual has revised its executive bonus plan so continuing fallout from the subprime meltdown won’t affect their annual bonus checks. In a regulatory filing on Monday, the bank moved to exclude the cost of bad loans and expenses arising from foreclosures when calculating net operating profit. By way of explanation, “Spokeswoman Libby Hutchinson said the bonus plan covers almost 3,000 WaMu executives, many of whom are not directly involved in lending,” writes the Seattle Times. When those subprime raping dollars were rolling in, did any of these same executives object that their bonuses was being unfairly pumped by profits not coming from their department? (Pictured: CEO Kerry Killinger, looking clever)

(Thanks to Doug!)