Former WaMu Execs Want Their Golden Payday Too!

"Pay Me!" courtesy of Seattlest Flickr pool member Ryan Holloway Photography

It was nearly a year ago we when witnessed the financial meltdown and takeover of 119-year old Washington Mutual. Banking FAIL! Flash forward to today, KING5-TV reports close to 100 former vice-presidents and other mid-to-senior level executives of the now-defunct WaMu have filed lawsuits against the Federal Deposit Insurance Corporation (FDIC) seeking the government (or, perhaps ultimately the taxpayers) to pay up the millions they're owed.

The executives' argument: When the government transferred the banks remnants to new owner JPMorgan Chase, many WaMu execs were fired. This ignited the "change of control" in their old WaMu contracts that entitles the former execs to lump sum payments of up to twice their annual salaries. The FDIC's argument: The change of control provision does not cover a bank seizure. (Fight! Fight!) Today at 3:00 p.m. a judge will hear the case and play referee in round one of the bank executives' version of Celebrity Death Match.

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By Kim P. in News on August 3, 2009 1:00 PM

Comments [rss]

Troy Morris

And then you could become President of the United States!

realitycheck

PRESIDENT OBAMA is not president because he did something mischevious to get into office. He is President of the United States because of hard work, determination, goals, college degreed, professor, believer and much more. Oh yeah, because he was voted in office for the job. You are jealos Troy because you don't know how to become president. Go to school and get a heart, humble yourself, and come from under the wool over your eyes.

Seattle Antagonist

I may not have an MBA but I am pretty sure that if your company goes bankrupt, you are no longer owed any money. Especially when you are part of the reason why the company went bankrupt. If these guys get payed, I think I will go into the business of working at failing businesses that are going under, then sue for millions after they fail. Seems pretty easy, almost like you wouldn't even have to go to work. Pretty easy business model. All play, no work, high pay and the taxpayers foot the bill.