In a move that makes most many old-line Wall Street bank heads look like paupers, it was announced yesterday that Wachovia vice chairman is parachuting out of his 15-month tenure with $135 million tucked under his arm. Wallace D. Malone, who ran SouthTrust bank for many years before selling it to Wachovia in November 2004, was able to get the Wachovia board to sign off on the massive retirement package he had accumulated before the merger. According to securities filings, Malone gets “termination payments” totaling about $33.4 million over the next five years, an amount equal to five times his salary and the highest annual bonus he ever received. On top of that, he will cash in on retirement benefits and deferred compensation worth over $82 million. That shit goes a long way in Charlotte!
Banker to Receive $135 Million Parachute [NY Times]
Goes even further here in B’ham (where there are still people looking for work after being laid off in the acquisition).
http://www.al.com/business/birminghamnews/index.ssf?/base/business/1138702593236700.xml&coll=2
Does it really matter? Look at that picture of him, he’ll be dead in a week…
As if any of these executives give a fuck about the people who actually “work” for a living and support the company.
the trade-off is that you have to look like this:
http://www.troy.edu/wdm/bio.htm
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