WAMU bonus plan: Mortgage losses? No problem.
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News item from AP via CNN Money: ‘The U.S. housing crisis slashed Washington Mutual Inc.’s earnings, but it won’t drain executives’ 2008 cash bonuses. WaMu’s board will exclude costs related to mortgage defaults and real estate foreclosures when it comes time to calculate executive compensation ... .’
Comment from Take Five: ‘And these clowns want a taxpayer bailout.’
Take Five, all due respect, but you’re missing the point. This is brilliant motivational management, and I’m applying it to my own life, effective immediately:
--I’m a scratch golfer! I shot a 69* at Rancho Park last Saturday.
--I’m a brilliant investor! Every single one of my investments** gained more than 20% last year.
--This is by far the most popular blog*** on any mainstream media outlet!
* Not counting third and fourth putts, fluffed wedges, sliced tee-shots, skulled chips or pull-hooked irons.
** Excludes investments that gained less than 20% last year.
*** Based on traffic metrics developed by me and applied only to this blog.
On a serious note: Does anyone out there dare to read this item and then tell me that walking away from a mortgage is somehow inconsistent with prevailing American business ethics and practices?
Photo Credit: AP
Hat tip: Take Five, via e-mail