Bailouts, Debates, WaMu and 18 Million Dollar Bonuses
So what’s the big news today?
First and foremost, let’s just face it; the bailout is still dominating the headlines. As I mentioned as briefly as possible this morning, the plan hit yet another snag as Democrats and Republicans alike gathered with the presidential candidates and Bush yesterday evening.
Bipartisan politics in America?
Unity?
Never! Regardless of what either Senators Obama or McCain say, they’ve both made it very clear directly or indirectly that the country largely votes on party lines and that they’ll pander to their party.
Number two: Since we’re on the subject, the debates will go on as scheduled tonight. McCain has said that things back in the capitol are strong enough that he’ll leave in time to make the debates, have his say, and fly right back to D.C.
And then there’s Washington Mutual (NYSE: WM) capsizing. Nobody’s really surprised at this point of course. What would be a surprise is if some financial institution in America would suddenly report amazing earnings. Since it’s the end of September and nobody’s let out a peep about anything such yet, I don’t have any high hopes on that count.
Since nobody knows the exact details of the bailout, there really isn’t anything to be said that hasn’t already been said. And as we all know, it’s been said… and said… and said… and said. I could go on ad nauseam, but I’ll refrain.
As for the debates, that’s a subject that I’ll leave to John McCain and Barack Obama tonight. Have at it gentlemen.
Which leaves our once-beloved WaMu. But since everybody already knows the ins and outs of why it collapsed (recap: mortgage defaults. There’s a shocker) and who took it over (spoiler: JPMorgan (NYSE: JPM) pounces again), there isn’t much to flesh out that hasn’t already been prepared by the press and devoured by the public already.
But, let’s put a couple of the more interesting facts out there, just in case you haven’t gotten sick of the name Washington Mutual yet.
More than one analyst is crying foul, saying that the company’s failure was an all too familiar example of “gross mismanagement,” not to mention selfish action and inaction on the part of very recently ousted CEO Kerry Killinger.
Just three weeks ago, I wrote about Alan Fishman taking over as CEO. And let’s face it: It’s rather difficult for a trained professional to cause a complete company meltdown in a mere 3 weeks. Fishman is off the hook on this one, though he’ll still get a lot of blame considering his next decision. Because of the deal he signed, even though the company only lasted for less than a month under his supervision - again, through no fault of his own - he could walk away with $18 million dollars.
18 million is a lot of money period, not to mention just for 3 weeks of work. So Mr. Fishman, America - and possibly the world - will judge you by whether you take that amount or not in the next couple of days. Here’s hoping you make the right decision.
http://www.smartprofitsreport.com/archives/2008/risk_reward_ratio506.html
Friday, September 26, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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