Was there a sweet deal for ousted Wachovia CEO?

Q: As a former Wachovia shareholder who voted against the Golden West acquisition when it was presented to the bank’s investors, I’ve been very interested in seeing Mr. Thompson get what he deserves for engineering such a stupid blunder. What I haven’t seen though is any discussion of what he takes with him when he leaves. Do you have any idea what Mr. Thompson’s total severance package will amount to?

A: According to the Wall Street Journal, Ken Thompson is getting $1.45-million in severance, $50,000 to pay his legal bills and accelerated vesting of $7.25-million in restricted stock. Post retirement benefits include an office and an assistant for three years. The Journal calls the package "modest by recent Wall Street standards."

Of course it is not modest to those of us who aren't Wall Street CEOs and who did not cost our companies billions of dollars. 

Comments

[Lou]

did the banks in or did the banks do the us in>

You probably have your lawyer (aka agent) ask for you.

It only works if you are applying for the CEO job.

[Mark Clemons]

Thanks for the reply and the link to my question that answered it.

Which brings me to one more question. In case I hit the big time. Please advise me at what point in the interview do I ask about a golden parachute clause, as if I really really screw and lose your company a ton of money. How much money are you going to give me to go away?

In the USA bank culture they protect their own in order to attract more of the same. Wonder what happens to failed execs in China? Isn't the CEO in France still there that bred the rogue trader? It is sort of like being in the senate, entitlement for life.