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A Bonus for WaMu’s Killinger?

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Surprise, surprise. Another CEO could get a massive payout despite his terrible performance. At least that’s how Cramer would argue it.

The Wall Street Journal reported(sub. required) Wednesday that Washington Mutual CEO Kerry Killinger could potentially earn a bonus worth 548% of his base salary – despite presiding over huge credit losses. Instead, the report said, Killinger’s bonus will be based on operating profit, non-interest expense, depositor fees and customer loyalty performance.

“If you’re a shareholder – which you shouldn’t be,” Cramer said, “it’s time to start complaining.”

According to the Journal story, Killinger’s total compensation in 2006 was $14.3 million, including his $1 million salary. His bonus was about $4.1 million. 2007 numbers haven’t yet been disclosed.

Killinger, who Cramer described as “one of the absolute worst CEOs in the world,” is now at the top of the Mad Money Wall of Shame – along with the entire Washington Mutual board of directors. Who else is on that wall? American International Group’s Martin Sullivan, Fortress Investment Group’s Wes Edens, Alcatel-Lucent’s Patricia Russo, Advanced Micro Devices’ Hector Ruiz and SLM’s Albert Lord.

Watch the video for the full Cramer rant.

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