HOLY SHIT-SICLE(similar to a popsicle only made of shit).  WaMu goes and hires a new CEO to help them through their troubled times and guess what happens, Alan H. Fishman, throw’s on his “golden-glowing-billowing parachute” and jumps out of a window with cash falling out of his pockets.  (I wish I could draw..).  Not just pockets full of cash but bank accounts full, 20 million dollars.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.

He also was eligible for annual bonuses of up to 365 percent of his annual base pay — set at $1 million — to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009.

Oh, say it ain’t so, he will miss out on that big bonus.

Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant’s loses climbed to an estimated $20 billion.

Wow, I would love a job where I could get paid 8 million to just not screw up enough to get fired.  Seriously, I guess I need to find a bank that is failing…

CNN Reports that stocks plundged and then came back up after the S&P lowered WaMu’s stocks as Junk.  Holy crap.  This is of course one of the companies that has been marketing constantly this year, hell I’ve gotten a request to get a mortgage as well as a credit card through them at least once a week.

Seeking to reassure investors, the bank said late Thursday that it had sufficient capital and liquidity to see it through these tough times. It reported that it plans to set aside $4.5 billion in the quarter for loan losses, down from $5.9 billion in the prior period but more than two times expected charge-offs, or uncollectable loan losses.

See, these are things you say when you’re trying to shore up everything and make yourself look ‘not as bad’ as you could be so you can be bought by JP Morgan.  Food for thought.

And in case you were hoping that the Fed would cut the interest rate (thus drive up inflation even higher you dumbass) you’ll be disappointed because they didn’t.  Thank god.  The Fed can’t and shouldn’t consider cutting rates any more at this point or we risk watching the dollar sink lower.