Wachovia execs could end up with millions
- added October 03, 2008
- 5 responses
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- Pericles1978
- added this
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His time at Wachovia is likely to cost CEO Bob Steel, who sank $16 million of his personal fortune into the bank's stock, which has since shed about 78 percent of its value.
But a trio of top executives could see fat checks if they leave following the Citigroup deal, which hasn't been finalized. However, they also would be stung by the stock's dismal plunge. Here are potential cash severance payments and the value of benefits such as health insurance:
Ben Jenkins, president of the general bank, with the company since 1971: $17.6 million, including $13.3 million in severance and a $3.7 million bonus.
Steve Cummings, head of corporate and investment banking, with the company since 1998: $20.3 million, including $14.3 million in severance and a $4.25 million bonus.
David Carroll, head of capital management, with the company since 1981: $19.1 million, including $14.1 million in severance and a $4 million bonus.
These payments also include up...
Read The Rest at Link...
But a trio of top executives could see fat checks if they leave following the Citigroup deal, which hasn't been finalized. However, they also would be stung by the stock's dismal plunge. Here are potential cash severance payments and the value of benefits such as health insurance:
Ben Jenkins, president of the general bank, with the company since 1971: $17.6 million, including $13.3 million in severance and a $3.7 million bonus.
Steve Cummings, head of corporate and investment banking, with the company since 1998: $20.3 million, including $14.3 million in severance and a $4.25 million bonus.
David Carroll, head of capital management, with the company since 1981: $19.1 million, including $14.1 million in severance and a $4 million bonus.
These payments also include up...
Read The Rest at Link...
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- Pericles1978
- 1 month ago
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Disgusting, that money should be invested into Wachovia.
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Does any of this change now that it's Wells Fargo, not Citigroup's deal?
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It is a good thing that the deal never went through. Wells Fargo's purchase of Wachovia was at least a private sector purchase. If the top executives receive millions now, it doesn't come from tax payers money. Their stock went up $7.00 per share this morning.
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If the companies are doing that bad, why are execs making so much money?
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This is what pisses me off! All the normal joes struggling to make ends meet, while some top exec can bailout with a fat check when things go bad!
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- sewbutterfly
- 1 month ago
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