Fannie, Freddie Mac.

[flyfishing3]

here's an example of the problem.

"""Nice work — if you can get fired from it.

That's just what one Alan H. Fishman might have thought when he woke up Friday morning.

Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.

But don't cry for Fishman, who reportedly was sky-high — literally — last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

That's right, $20 million for 17 days on the job ... and his company failed.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

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.

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.

here's the link.

F these Fers in the arse.

bush didn't create this stuff.==he was at the wheel though.

[ErikS]

no Clinton

his actions and policies if anything hurt us the most now... 8 to 10 years down the road.

That's great gorrila math. So every administration's policies that turned out detrimental can be blamed on party politics?

Someone needs a History lesson.

"John" looks like an idiot right now in the debate, no wonder he was looking for an excuse.

[flyfishing3]

Easiest $150K I've made in my life over a 24 hour period.

[J0E]

This isn't a personal attack, but isn't this the reason that all this happened in the first place?

Massive speculation, day trading, short selling, mortgage securities ... this is all gambling ... not investing.

No and no.

"This all happened" because of one reason: People did not pay their mortgages which they agreed to. It's as simple as that. Yes, there were significant underlying factors which had a severe domino effect on everything else, but simply put…bills not being paid were the root of it. If mortgages were paid every month and foreclosure rates remained at normal levels, this mess would not exist.

Speculation, day-trading, and short-selling have existed since the inception of the stock market. I would even say that the latter two are necessary for a free-market to function properly.

[DonutsDemise]

http://biz.yahoo.com/ap/080926/wamu_ceo_pa...nking-budgeting

what a sweet deal for that guy. work for several weeks and then make 13 million for getting "fired"

[7 VII 7]

well the bailout did not work

[ErikS]

well the bailout did not work

It has to pass first for it to work.

[7 VII 7]

It has to pass first for it to work.

you know what I mean Erik

kiss kiss :: hug hug

[flyfishing3]

<<<<use the voice of the ROTC guy at the end of animal house when the people are rushing down the street>>>>>

ALL IS WELL, ALL IS WELL.

[ErikS]

<<<<use the voice of the ROTC guy at the end of animal house when the people are rushing down the street>>>>>

ALL IS WELL, ALL IS WELL.

-777 points. Hey, at least its a lucky number

[Pops Racer]

It might have gone thru had Pelosi kept her fat fucking mouth shut. They hadn't even voted yet and she threw Bush under the bus again. She forgot that Dodd and Franks were screaming for "affordable housing " for the poor unwashed masses 5 yrs ago. Dumb cunt. The Dems got scared that McCain would get some kind of credit for the save. Don't blame Republicans, 95 out of 235 Dems voted no.

I'm glad it did not go. The folks said no and they listened for once. 51% of investors hated this.

You got no business taking a loan on speculation, thats what happened. "I'll get this shaky loan, and when my house goes up exponentially in price, I'll refi and be all set". Oops. Greedy cockers okayed these loans on the same premise. Just because you can do something doesnt mean you should. Why should I pay for bad judgement? And greed?

Let 'em fry Mikey, let 'em fry. I got no job, and no money in the market to speak of, make the pigs pay. I almost get the Bolsheviks now.

777 is largest points drop. Not even a top ten drop in percentage points. Relax. They'll work it out. I'm planting a Victory garden so I can eat.

[bdimag]

am i understanding correct: the house of reps said no, but theres still a chance when senate has a go at it?

[flyfishing3]

if either house/senate shots it down its dead.

they have to retry on thur.

[bdimag]

retry the same deal, or are they gonna change it up? i mean, that was a close vote..

[J0E]

I'm glad it did not go. The folks said no and they listened for once. 51% of investors hated this.

You got no business taking a loan on speculation, thats what happened. "I'll get this shaky loan, and when my house goes up exponentially in price, I'll refi and be all set". Oops. Greedy cockers okayed these loans on the same premise. Just because you can do something doesnt mean you should. Why should I pay for bad judgement? And greed?

Let 'em fry Mikey, let 'em fry. I got no job, and no money in the market to speak of, make the pigs pay. I almost get the Bolsheviks now.

I can't even begin to tell you how flawed your analysis is. But I will agree that Pelosi is the dumbest cunt on Earth and needs to fall into a wood-chipper.

Regardless of the catastrophic blood-bath on Wall St. today, the investing long and/or holding equities over night model is gone, and has been for the last 6 months. Your money is at risk if you are holding a position and walk away from a monitor showing a real-time tick-by-tick quote. Day-trading is the only way to make money in this environment. Buy purely on technical analysis that second. Wait for a small gain. Sell. Repeat. Need to take a piss? Close your positions and piss in comfort sitting on cash, knowing it wont be worth 5-10-15% less when you come back.

Compounding small gains daily is the only way to go.