I started working on this blog post three days ago, and the economic reality keeps changing.
First, I’m not happy with the banking situation, but it’s a piece of news unrelated to the mortgage bailout that sticks in my craw today. From the Seattle Times via the Neatorama blog, we learn that Alan H. Fishman, the 17-day’s CEO of the failed Washington Mutual bank ” is eligible for $19.1 million in compensation.”
Even if doesn’t get that, or declines it, my question is how does his work merit it, and how much of it will the American people eventually pay? The system is broken, and I won’t support it. In the mean time, my own bank, Wachovia, failed and has been bought by Citigroup.
I’m getting just disgusted and am opting out. My way out is by changing my financial services to a credit union: a cooperatively-owned financial institution answerable to its members. I’m looking for one that meets my needs for a good online user experience, and — because membership is not universal — one that I’m eligible to join.
I’ll keep you posted, and thanks to J.T. for the lead.