Wachovia Executives Will Be Paid Handsomely

Wachovia execs make out like bandits

by Dollars & Sense

Don't worry about the bankers. They'll be alright.

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 (NYSE:WFC - News).
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.

  I want a bailout too! I know that this isn't a bailout, but since I am not a bank CEO and can't get stock options and the other perks, I want a bailout!!

   If the banks and all of those Wall Street firms can get a government bailout for purposely running their companies into the ground and for ripping of many retiree's, then I should be able to get a bailout since I at least try to make money for my business without stealing it.

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