This should get you WS guys fired up

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mnbondguy's picture
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Joined: 2008-05-13

http://online.wsj.com/article/SB123578683351598801.html

Apparently Wells is paying retention bonuses.

Big Payout for Carroll


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  • By DAN FITZPATRICK
    The highest-ranking Wachovia Corp. executive to remain with Wells Fargo & Co. following a union of the two banks could get as much as $17.9 million in salary, bonuses and stock options if he sticks it out in 2009.
    David Carroll, now a senior executive vice president with San Francisco-based Wells, will receive a base salary for 2009 of at least $700,000, according to a regulatory filing. Mr. Carroll also is eligible for "retention" bonuses totaling $8 million if he works through Dec. 31, a performance-related bonus of as much as $4.2 million and a stock option award equal to $5 million.
    A Wells spokesman declined to comment about Mr. Carroll's agreement, and Mr. Carroll couldn't be reached.
    Mr. Carroll is a linchpin as the two firms combine operations. Because he joined Wells, he wasn't eligible for any severance payments from Wachovia. Several colleagues walked away with multimillion-dollar packages.
    Elsewhere in its executive ranks, Wells is tightening incentives. Wells said it won't award 2008 bonuses to its six top corporate officers, including Chairman Richard Kovacevich and Chief Executive John Stumpf.
    Separately, Wells also disclosed that "several government agencies" are investigating matters related to Wachovia's purchase of California lender Golden West Financial Corp.
    Write to Dan Fitzpatrick at dan.fitzpatrick@wsj.com

    Copyright 2008 Dow Jones & Company, Inc. All Rights Reserved
    This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit
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    Squash1's picture
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    Joined: 2008-11-19

    bump over the schmuk from Jones..

    training wheels's picture
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    Joined: 2008-12-13

    a**holes.

    3rd ID's picture
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    Joined: 2008-11-30

    Real nice. I have grown to hate this company and the liars and bullsh*t artists that run it.

    bondking's picture
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    Joined: 2008-10-28

    definitely fired up. can't wait 'til he comes to our branch. f**kin' idiot.

    nestegg's picture
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    Joined: 2007-06-14

    Scale and scope boys...scale and scope

    MrBig's picture
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    Joined: 2009-02-05

    I'm not with either company, but uhh, what does that have to do with retention bonuses? This guy isn't an FA, he's not in production. He's senior management.

    bondking's picture
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    Joined: 2008-10-28

    MrBig wrote:I'm not with either company, but uhh, what does that have to do with retention bonuses? This guy isn't an FA, he's not in production. He's senior management.
     
    exactly, WE pay his f**kin salary!!!!!

    MrBig's picture
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    Joined: 2009-02-05

    good point.

    mnbondguy's picture
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    Joined: 2008-05-13

    I wonder how many financial plans he has to do for the 18m?  In all seriousness, this kind of pay to one of the leaders of a failed bank institution is exactly what people are pissed about. WB shareholders got smoked, employees got smoked, and the leaders get rewarded for it.  Pretty hypocritical to deny bonuses to the employees in the trenches and then give a 18m 1yr deal to one of the leaders.  I think on an adjusted basis, WB would be about $2 right now.....I thought you got rewarded for success, not failure.

    Philo Kvetch's picture
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    Joined: 2005-05-17

    mnbondguy wrote: I wonder how many financial plans he has to do for the 18m?  In all seriousness, this kind of pay to one of the leaders of a failed bank institution is exactly what people are pissed about. WB shareholders got smoked, employees got smoked, and the leaders get rewarded for it.  Pretty hypocritical to deny bonuses to the employees in the trenches and then give a 18m 1yr deal to one of the leaders.  I think on an adjusted basis, WB would be about $2 right now.....I thought you got rewarded for success, not failure.

    There you go thinking again Mnbondguy. Consider that the government employees who are charged with the responsibility of containing the shenanigans that got us here got a raise as well. Ditto for those charged with overseeing these same employees, namely the Congress of the United States. Looks like the only ones getting hosed here are the poor, benighted investors who foolishly believed that these same people were doing their jobs, up and down the line.

    Oh, and the taxpayer of course. Screw him.

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