The Associated Press reports another scandalous salary and bonus paid to a CEO at the expense of employees and shareholders. Washington Mutual’s CEO Kerry Killinger was paid more then $18 Million last year in salary, stock. options and compensation. He also had use of the bank’s corporate jet for his personal use as well as a bonus of $4.1 million.
Of course, during the same period, the Seattle based company cut 10,000 jobs and the company struggled with loss of income due to declining home sales as well as defaults. It’s the same old scandal of corporations pouring millions into the pockets of CEO’s and corporate executives even when the companies are failing or even going broke. See my report about Seattle’s Eddie Bauer 2/16/07. What’s particularly galling is the fact that most of these gross overpayment’s, including this one, are made while employees are being fired, laid off and under paid. CEO’s are paid excessive amounts even though the company is going broke or losing money. There is no logical rhyme or reason to this abuse of the shareholders and employees by the failure of corporate boards of directors doing their job as watchdogs for the shareholders.