7 years later, former WaMu executives still waiting for golden parachute payments

Talk about a sense of entitlement

Former Washington Mutual executives are still waiting for their “golden parachute” paydays seven years after the bank became the largest bank failure in U.S. history — but maybe they shouldn’t be holding their breath, according to a report from the Wall Street Journal.

The trust overseeing WaMu's assets is fighting back against a group of about 70 former employees who say they are entitled to payments that are usually triggered when a company is sold.

WaMu's assets were, in fact, sold off to JPMorgan Chase in 2008, but only after the bank fell apart under the weight of bad loans and poor decisions. The failure not only led to thousands of Seattle employees losing their jobs, but it contributed to the broader housing crisis and economic downturn across the United States.

The former employees, including past Chief Operating Officer Stephen Rotella and David Schneider, who was the president of the home-loans unit, say they're still entitled to the payments. If granted, Rotella and Schneider stand to receive $15.7 million and $7.4 million, respectively, according to the Wall Street Journal.


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http://www.bizjournals.com/seattle/blog/2015/06/7-years-later-former-wamu-executives-still-waiting.html?ana=e_du_pub&s=article_du&ed=2015-06-01&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1433204154