Alan H. Fishman
Encyclopedia
Alan H. Fishman was the last CEO of Washington Mutual
(WaMu) for 17 days before its banking assets were seized by federal regulators on September 25, 2008 in the largest bank failure in American history. WaMu's banking operations were sold to JPMorgan Chase for $1.836 billion, while the remainder of WaMu declared bankruptcy the next day.
Fishman joined WaMu on 8 September 2008, replacing outgoing CEO Kerry Killinger
as part of that bank's restructuring in the face of the subprime mortgage crisis
of 2008.
According to C-Span on 26 September 2008, Alan H. Fishman was ultimately paid $19 million dollars for three weeks of being with Washington Mutual, including severance pay. Meanwhile, the company's stock price dwindled to only pennies after trading as high as $45 a share in 2007. The previous CEO was paid $14 million for one year on the job.
Fishman holds a bachelor's degree from Brown University
and a master's degree in economics from Columbia University
. He was previously president and chief operating officer of Sovereign Bank
and president and chief executive officer of Independence Community Bank. He has served as chairman of Meridian Capital Group
(beginning in 2007), one of the nation's largest commercial mortgage brokerage firms. He has been a private equity investor, focusing on financial services at Neuberger & Berman, Adler & Shaykin and at his own firm Columbia Financial Partners. In addition, he held senior executive positions at Chemical Bank and ContiFinancial Corporation
.
Mr. Fishman has been chairman of the Brooklyn Academy of Music
.
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
(WaMu) for 17 days before its banking assets were seized by federal regulators on September 25, 2008 in the largest bank failure in American history. WaMu's banking operations were sold to JPMorgan Chase for $1.836 billion, while the remainder of WaMu declared bankruptcy the next day.
Fishman joined WaMu on 8 September 2008, replacing outgoing CEO Kerry Killinger
Kerry Killinger
Kerry K Killinger is an American businessman and a former chairman and chief executive officer of Washington Mutual, a failed savings and loan association that became the largest bank failure in U.S. history....
as part of that bank's restructuring in the face of the subprime mortgage crisis
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
of 2008.
According to C-Span on 26 September 2008, Alan H. Fishman was ultimately paid $19 million dollars for three weeks of being with Washington Mutual, including severance pay. Meanwhile, the company's stock price dwindled to only pennies after trading as high as $45 a share in 2007. The previous CEO was paid $14 million for one year on the job.
Fishman holds a bachelor's degree from Brown University
Brown University
Brown University is a private, Ivy League university located in Providence, Rhode Island, United States. Founded in 1764 prior to American independence from the British Empire as the College in the English Colony of Rhode Island and Providence Plantations early in the reign of King George III ,...
and a master's degree in economics from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
. He was previously president and chief operating officer of Sovereign Bank
Sovereign Bank
Sovereign Bank is a wholly owned subsidiary of the Spanish Grupo Santander. Based in Boston, Massachusetts, the bank—whose principal market is in the Northeastern United States—has more than $77 billion in assets, operates 723 retail banking offices, over 2,300 ATMs and employs approximately 8,500...
and president and chief executive officer of Independence Community Bank. He has served as chairman of Meridian Capital Group
Meridian Capital Group
Founded in 1991, Meridian Capital Group is one of the nation's leading commercial mortgage brokerage firms, headquartered in Manhattan with key offices in major markets such as New Jersey, Pennsylvania, Maryland, Florida, Illinois, California and Texas....
(beginning in 2007), one of the nation's largest commercial mortgage brokerage firms. He has been a private equity investor, focusing on financial services at Neuberger & Berman, Adler & Shaykin and at his own firm Columbia Financial Partners. In addition, he held senior executive positions at Chemical Bank and ContiFinancial Corporation
ContiGroup Companies
Formed in 1813, ContiGroup Companies, Inc was originally founded by Simon Fribourg in Arlon, Belgium, as a grain-trading firm. Formerly known as Continental Grain, ContiGroup has expanded into a multinational corporation with offices and facilities in 10 countries while employing more than 13,500...
.
Mr. Fishman has been chairman of the Brooklyn Academy of Music
Brooklyn Academy of Music
Brooklyn Academy of Music is a major performing arts venue in Brooklyn, a borough of New York City, United States, known as a center for progressive and avant garde performance....
.
External links
- http://findarticles.com/p/articles/mi_m0EIN/is_2007_April_16/ai_n19002844
- http://www.marketwatch.com/news/story/alan-h-fishman-joins-washington/story.aspx?guid={A90924C3-1EBF-4144-B8A2-D8E5B9A52243}