One of my favorite blogs in the whole world (outside of political ones, anyway) is CubeRules. It's a career management blog dedicated to providing tips and advice to knowledge workers who reside in the ever-ubiquitous cube farm.
Today, the proprietor noted that Washington Mutual Bank, troubled of late as a result of its lending practices, has decided to exclude non-performing mortgage loans from the calculations that are used to determine executive bonuses.
In a regulatory filing, Washington Mutual’s Board of Directors decided that executive bonuses for 2008 would exclude housing-related loan losses and expenses tied to foreclosures.
This smells an awful lot like Enron. Between Countrywide's cancelled posh retreat to Tangelo's platinum parachute, this whole thing is as stanky as week-old tuna in the summer sun.
I guess I should be surprised, but the excesses in corporate America ride on the backs of average workers just as much as the excesses of the unitary executive ride on the backs of average soldiers and their families.
I'm disgusted.