INCREDIBLE, OR JUST UNBELIEVABLE?

I'm working on another post that will have this link. But I just had to stop and give this story some individual attention. Specifically,

Washington Mutual’s board of directors have found a way to keep bonuses heftier in a year of extraordinary mortgage-related losses: moving the goalposts by excluding consideration of the losses in the bonus calculation.

Washinton Mutual's Human Resources Committee is telling us that executive bonuses will "not take into account the huge losses the financial services giant has suffered from the housing crisis" because ... well ... Who cares what the reason is for this stupidity? At the end of the day, and once again, reward is not being linked to performance.

If this isn't reversed, or if someone doesn't get sued over this, we deserve whatever befalls a collapsing empire. But be sure to read the article. It offers insight into the demented business ethics that appear to govern many parts of Corporate America today - even as the economy moves deeper into a financial firestorm.

Wait, I think I hear Nero's fiddle now ...















- Mark