WaMu Fizzles but the CEO Keeps His Money?

I was reading an article in New York Times about Washington Mutual’s collapse, Government Seizes WaMu and Sells Some Assets when I came across this:

But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates.

*Whew*

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