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.