Activist shareholders forced big changes at a Washington Mutual stockholder’s meeting last week, especially the reversal of a much-criticized decision to exclude subprime losses when calculating executive bonus pay. Washington Mutual was one of the lenders cavorting the most eagerly in the refuse trough of subprime lending, and has endured some of the largest losses as a result. Other key shareholder wins included splitting the CEO and Chairman position, and the resignation of several key board members. Nice job, activist shareholders, way to wake the hell up long after the damage was done.
bonuses
WaMu Rewrites Executive Bonus Plan To Avoid Subprime Meltdown Responsibility
By 3.12.08
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)
$350 In Sorta Free Money After Applying For These Credit Cards
By 12.27.06
These business credit cards are available to all and can offer significant bonuses if you get one.
Calculate Your AOL Retention Bonus!
By 8.7.06
An exciting add-on for the World of AOL Retention game, The Bonus Calculator!
