WaMu’s brand new CEO, Alan Fishman, was given the boot on Friday, along with five other WaMu execs whom JP Morgan decided to fire. But he’s probably not too broken up about it. Fishman only spent four weeks on the job, and even though he’s reportedly decided to decline an $11.6 million severance package, he will be keeping his $7.5 million signing bonus.
We assume with that scratch, Fishman and his wife Judith could afford a more extravagant residence than the modest Brooklyn Heights townhouse they’ve owned since 1981, where Alan reportedly spent the day on Friday. While we don’t know the exact purchase price of the Fishmans’ house, they took out a $250,000 mortgage on the property when they bought it, and a townhouse in Brooklyn in the early ’80s probably wasn’t worth much. (The New York Post estimates that it’s worth $3 million now.)
The three story property (photographed in early October; note the pumpkin), is part of a series of historical rowhouses, described in the plaque below, affixed to the side of the Fishmans’ house.
As evidenced by his house (larger picture below), Alan Fishman had a pretty low-profile career until he replaced Killinger at the helm of WaMu on September 8. The Brooklyn native attended Brown University and then headed up a number of smaller banks like Sovereign Bancorp and Independence Community Bank Corp. Prior to becoming CEO of the troubled WaMu, Fishman’s biggest brushes with fame probably came through his philanthropic duties, including chairing the boards of the Brooklyn Academy of Music and the Brooklyn Navy Yard, currently home to film and TVproduction facility Steiner Studios.
According to two signs, one inside the Fishmans’ front door (visible in the second photo below) and another attached to their front gate, the couple are strongly opposed to receiving junk mail or delivery menus. There’s a metaphor in here for the subprime collapse and Fishman’s role at WaMu, but we’re not quite sure what it is.
See Also: Houses Of The Crash
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.