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then there's those Wachovia parachutes...

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  • then there's those Wachovia parachutes...

    <<....If Wachovia's general bank President Ben Jenkins leaves the company after Wells acquires it, he could potentially receive a $13.3 million severance and $3.7 million pro rated bonus, according to the Charlotte, N.C., financial company's 2008 proxy.

    Steve Cummings, head of corporate and investment banking, may get a total of $18.6 million and David Carroll, head of the capital management group, could see $18.1 million.

    Under the weight of mounting loan losses and other financial problems, Wachovia reported a net loss of $8.9 billion in the second quarter. Its slumping share price erased more than $100 billion in stock market wealth during the last year.

    "I don't know that the captain of the Titanic got a bonus for driving the boat into an iceberg," Glassner said. "They at least had the decency to go down with the ship."....>>

    full story:


    http://www.sfgate.com/cgi-bin/article.c ... 006&sc=363

  • #2
    Yeah, the golden parachutes thing while they give the rest of us golden showers is irritating, but at least this is the old fashioned kind - privately funded (by Wells Fargo). Wait until the feds begin shelling these out to failed bankers . . .

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    • #3
      That the Fed has not seized the bank accounts of these ceos makes up about 60% of the presidentandcongress's +80% disapproval rating.
      ... nothing really ever changes my friend, new lines for old, new lines for old.

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