Nearly 100 former Washington Mutual executives are suing the government for millions.
They were all fired when the government seized control of the failing bank and transferred it to Chase.
The executives claim that transfer triggered a "change of control" agreement in their Wa-Mu contracts - entitling them to lump sum payments of up to twice their annual salary.
"I think common people think it's a bunch of bankers trying to make a bunch of money and that's really not the case," said their lawyer, Bill Keller.
On Monday a judge will consider whether the lawsuits should be consolidated into a class action case.
8 Comments
Paul said:
Bankers....always greedy....hey, I have an idea!...lets give that 30 million to the Junk for cars program....something that we all can use...instead of greedy suits....
Merg said:
Common people? What an ass****! Yeah, that helps these joker case a lot.
I am sorry but just what we need is a bunch of greedy banker going after the government when they should be going after Chase for the money. Chase is the company that bought them and they should be the ones paying!
Lance said:
Nobody should be paying them a dime. Lets say you are working for a business that is failing. The government steps in and prevents the complete collapse of the bank you work for. They let another bank take you over so that there will not be a collapse. Then you think that you should get a huge lump sum payment because your bank went away? They should get exactly what regular everyday people get, which is a baffled look when they come to work and the doors are barred because the business folded and nobody told them. Not a dime for any of them.
BB said:
"change of control"? The company was going belly up! How is it these executives think a lump sum distribution can be made by a failing company?
If not for the bailout, what would they have? Besides, apparently these executives did not speak out against the corrupt business practices of WAMU - and that is the real reason they no longer have a job.
John Rendell said:
I believe the Judge, on Monday, should allow the class action case for the former WaMu Executives to proceed... however it shold also be stipulated that should the Executives win their 30 million dollars, it MUST be shared with the 4,000 plus employees who lost their jobs when WaMu was purchased by Chase. If these Executives are to be rewarded for their part in failure of WaMu then the employees who worked night and day in attempts to ward off the sale to Chases should also be rewarded. After 6 months, I believe most of the 4,000 plus are still looking for jobs to support their families.
Niko said:
I agree with Merg. The lawyer and all those greedy bankers are ass*****. If lying and stealing make one uncommon, well those bankers sure worked hard to earn that status. Shameful, abhorrent conduct.
Bankers....always greedy....hey, I have an idea!...lets give that 30 million to the Junk for cars program....something that we all can use...instead of greedy suits....
Common people? What an ass****! Yeah, that helps these joker case a lot.
I am sorry but just what we need is a bunch of greedy banker going after the government when they should be going after Chase for the money. Chase is the company that bought them and they should be the ones paying!
Nobody should be paying them a dime. Lets say you are working for a business that is failing. The government steps in and prevents the complete collapse of the bank you work for. They let another bank take you over so that there will not be a collapse. Then you think that you should get a huge lump sum payment because your bank went away? They should get exactly what regular everyday people get, which is a baffled look when they come to work and the doors are barred because the business folded and nobody told them. Not a dime for any of them.
"change of control"? The company was going belly up! How is it these executives think a lump sum distribution can be made by a failing company?
If not for the bailout, what would they have? Besides, apparently these executives did not speak out against the corrupt business practices of WAMU - and that is the real reason they no longer have a job.
I believe the Judge, on Monday, should allow the class action case for the former WaMu Executives to proceed... however it shold also be stipulated that should the Executives win their 30 million dollars, it MUST be shared with the 4,000 plus employees who lost their jobs when WaMu was purchased by Chase. If these Executives are to be rewarded for their part in failure of WaMu then the employees who worked night and day in attempts to ward off the sale to Chases should also be rewarded. After 6 months, I believe most of the 4,000 plus are still looking for jobs to support their families.
I agree with Merg. The lawyer and all those greedy bankers are ass*****. If lying and stealing make one uncommon, well those bankers sure worked hard to earn that status. Shameful, abhorrent conduct.
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