Wachovia execs may get $98.1 million severance

[Ichingcarpenter]

Source: reuters

NEW YORK (Reuters) - Wachovia Corp (NYSE:WB - News), which lost $33 billion in the last two quarters, said 10 top executives may be entitled to $98.1 million in severance pay after the bank is acquired by Wells Fargo & Co
In a U.S. Securities and Exchange Commission filing, Wachovia said the executives would receive severance under their employment agreements if the merger closes by December 31, as expected. Wachovia said shareholders will vote on the merger on Dec 23.

The 10 executives do not include Robert Steel, who in July replaced the ousted Ken Thompson as Wachovia's chief executive, and does not have an employment agreement.

Wachovia also said a closing would entitle its 11 executive officers, who include Steel, as well as Chairman Lanty Smith to $2.5 million in equity-based awards under existing stock incentive plans. But the executives' stock options are worthless, the bank said.

Read more: http://biz.yahoo.com/rb/081124/business_us_wachovia_wellsfargo_severance.html

[valerief]

1. "But my stocks are worthless!" "Well, you made them that way, asshole." nt

[aquart]

2. What happens if it closes January 1?

[Fed_Up_Grammy]

3. The poor guys probably work an occasional 41 hour

work week,and their club memberships could be very high. Sad,isn't it?


(SARCASM OFF)

[Initech]

4. Fuck the executives and CEOs of this country, seriously.

I'm tired of hearing about the robber barons laughing all the way to the bank. Their company goes under? They shouldn't get a dime.

[CreekDog]

5. if they do that, my money goes elsewhere

and it's not just a small checking account either.

[Captain Hilts]

6. This makes me ill. nt

[Faygo Kid]

7. Storm the barricades. Pitchforks and torches.

They are shameless.

[wellst0nev0ter]

14. Hang Em High.

[RC]

8. What do I have to do that would be so bad that they will pay me millions to go away?

[panAmerican]

30. Honey, whatever it is, you're not doing it badly enough.

[Dr.Phool]

9. Or to quote Demeter.... French Revolution Severence Packages.

[Zynx]

10. They did such a fine job. They destroyed the fourth biggest bank in the country in just over a year.

That's impressive.

[Optimistic]

11. Time to Socialize the Banks and Corporations

This is an outrage,,It is time for a "Salary Cap" for all execs and all others+
Say $250,000 a year..no one needs more money than that..Add a profit sharing bonus to be shared with all
workers in the company..the CEO would be limited to 2% of the Bonus pool.
Make this a LAW

[BrklynLiberal]

12. I am going to puke!!!!!!!!!!!!!!!

[ohio2007]

13. reward failure, tax success thats the american way

[OhioChick]

15. This is just sickening, already.

Where are our elected officials on this?

[debbierlus]

16. Jesus Christ. ENOUGH is a FUCKING NOUGH

This is OBSCENE.

Grotesque. Where are the pitchforks?

[sarcasmo]

17. SICK!

[Azlady]

18. When do we get our bailout???

Give that money to US and watch how fast WE could fix this economy!

[UpInArms]

19. Wachovia execs could get $98.1 mln severance

Source: Reuters

NEW YORK, Nov 24 (Reuters) - Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz), which lost $33 billion in the last two quarters, said 10 of its top executives may be entitled to as much as $98.1 million in severance pay after the bank is acquired by Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

In a U.S. Securities and Exchange Commission filing, Wachovia said the executives would receive severance under their employment agreements if the merger closes by Dec. 31, as expected. Wachovia said shareholders will vote on the merger on Dec. 23.

The 10 executives do not include Robert Steel, who in July replaced Ken Thompson as Wachovia's chief executive, and does not have an employment agreement.

Wachovia also said a closing would entitle its 11 executive officers, who include Steel, as well as Chairman Lanty Smith to $2.5 million in equity-based awards under stock incentive plans. But the executives' stock options are worthless, the bank said.

Christy Phillips-Brown, a Wachovia spokeswoman, said the actual amount of severance payments following the closing should be less than $98.1 million. This is because two of the 10 eligible executives have accepted positions at Wells Fargo, and "several others" are in talks, she said.

Read more: http://www.reuters.com/article/bondsNews/idUSN2452955420081125

---

less than $98.1 million :cry: :cry: :cry:

those poor poor poor starving babies :cry:

:sarcasm:

[DS1]

20. do they pull straws to see who loses out on the 1.9 mil

to give the others 10 even?

:eyes:

[bluesmail]

21. OK, I'm gonna puke.

[hughee99]

22. "incentive plans"??

So there's an "incentive" for running the company into the ground? For most people, incentives are based on performance and if it's not there, you don't get the incentive bonus.

[fascisthunter]

23. for doing what? For Being a Criminal?

[Norrin Radd]

24. The shits just keep on coming.

[DogPoundPup]

25. BUT Wells assured us that they are using the funds to increase lending not to boost pay, perks

or shareholder returns.

Wells, other banks testify on bailout funds
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/14/BUJK1448Q8.DTL

DID THEY LIE? :wow:

[Demeter]

26. Or They Could Get 10-15 (Years)

It's all a matter of perspective and perseverence and enforcing laws.

[TheWatcher]

27. We seem to be seeing these stories everyday.

The only response left is a question.

Things are very simple at this point.

How long are the people going to allow this to continue?

[lonestarnot]

28. I am so sick of these motherfucking money grabbers. I want addresses!

[City Lights]

29. Outrageous!

:nuke: