Blacknbengal
Well-Known Member
WaMu: Skip customers; save the execs
As mortgage holders face foreclosure and shareholders take a bath, troubled Washington Mutual takes action -- to protect executive bonuses. It could be a trend.
Around the country, Washington Mutual (WM, news, msgs) regularly plays the tough guy with homeowners who fall behind on mortgages. This as foreclosure filings overall rose 60% nationwide in February.
And its involvement in the subprime mess has been tough on stockholders. Since last summer, the company's shares have lost nearly 80% of their value.
But the bank is a softy when it comes to bonus pay for top brass.
After CEO Kerry Killinger and other top executives missed all or a big part of their bonus pay last year, Washington Mutual wasted little time taking steps to apparently make sure it won't happen again -- even if the mortgage market and the company remain in the tank.
Rest of Story
As mortgage holders face foreclosure and shareholders take a bath, troubled Washington Mutual takes action -- to protect executive bonuses. It could be a trend.
Around the country, Washington Mutual (WM, news, msgs) regularly plays the tough guy with homeowners who fall behind on mortgages. This as foreclosure filings overall rose 60% nationwide in February.
And its involvement in the subprime mess has been tough on stockholders. Since last summer, the company's shares have lost nearly 80% of their value.
But the bank is a softy when it comes to bonus pay for top brass.
After CEO Kerry Killinger and other top executives missed all or a big part of their bonus pay last year, Washington Mutual wasted little time taking steps to apparently make sure it won't happen again -- even if the mortgage market and the company remain in the tank.
Rest of Story