This post is part of our feature on Money Winners of 2008. See all 20.

Many of the names on our list of 2008 Money Winners are entertainers, athletes, or businessmen who are on the top of their game. Michael Phelps, Tina Fey, and subprime profiteer Bill Ackman are all examples of this kind of winner. JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon has gotten credit as being one of the few executives to keep a large financial institution from feeling too much pain in our current financial meltdown. However, Alan Fishman, who gained notoriety as the last CEO of Washington Mutual, is not any of those kinds of winner.

Instead, he wears his crown as a result of being in the right place at the right time. He replaced longtime WaMu CEO Kerry Killinger during the first week of September of this year. WaMu was seized by federal regulators just three weeks later and the banking assets were sold off to JPMorgan. Thus ended the less-than-spectacular reign of Mr. Fishman.

Fishman was paid just under $20,000 a week before taxes, which is a nice salary if you can get it, but is not nearly enough to land you on our list. However, he also got a massive signing bonus of $7.5M, plus 612,500 shares of WM. Since that stock is worthless now, we will only count the cash. He also had a golden parachute attached to his back and, unless he was fired for cause or voluntarily resigned, he was due to get another $6.15 million. Things get fuzzy when you look at his target annual bonus, which was set at $3.65 million. Since the company disappeared under his watch, I would hope he got none of that bonus, but I can't find any concrete evidence for how that matter turned out. When you total it all out, Mr. Fishman pocketed somewhere between $11 million and $18 million for his three weeks on the job. Wow.

Continue reading Money winners of 2008: Alan Fishman, WaMu's final CEO

Money winners of 2008: Alan Fishman, WaMu's final CEO originally appeared on BloggingStocks on Sun, 14 Dec 2008 15:40:00 EST. Please see our terms for use of feeds.

In short order, the shareholders of Washington Mutual (NYSE: WM) have lost billions. A tier-1 private equity investor, TPG, has lost $1.3 billion on the company. And, unfortunately, thousands of WaMu employees have lost their jobs.

However, there are some winners. For example, there are the short sellers. JP Morgan (NYSE: JPM) is also likely to do well since the firm bought WaMu's assets for a mere $1.9 billion.

But there appears to be yet another interesting beneficiary: Alan Fishman. He is WaMu's CEO, who took the top job 18 days ago.

As should be no surprise, he signed a juicy contract: a $7.5 million signing bonus and a lump-sum payment for severance that comes to $6.15 million. In other words, if he leaves the company, he'll walk away with $13.65 million.

That's a pretty good deal in light of the fact that WaMu is the biggest bank collapse ever.

Moreover, I suppose it is yet further evidence of why Americans have low regard for the financial system. And despite huge bailouts, it's probably a good bet that little will change.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He is also the founder of BizEquity, a valuation website.

WaMu's CEO: Bagging $13.65 million in 18 days? originally appeared on BloggingStocks on Sat, 27 Sep 2008 09:40:00 EST. Please see our terms for use of feeds.