WaMu chief in line for $18M package

SEATTLE, Sept. 26 (UPI) -- Washington Mutual Inc. chief executive Alan Fishman could collect an $18 million package following the thrift's collapse, his employment agreement indicates.

Citing the terms of the agreement, which is on file with the Securities and Exchange Commission, CNNMoney.com said Friday that Fishman could decide to leave the severance package on the table, in much the same way as Robert Willumstad reportedly will do as he leaves to top job at AIG.

Willumstad reportedly told his successor he will not accept a $22 million package from the insurance firm because shareholders and employees had been hit with huge losses when the company went under.

Fishman joined Washington Mutual, based in Seattle, Sept. 7, when the board named him to replace longtime Chief Executive Officer Kerry Killinger.

The federal government seized Washington Mutual Thursday and sold its banking assets to JP Morgan Chase.

JPMorgan Chase Chief Executive Officer Jamie Dimon told reporters in a conference call Friday that no decisions have been reached on whether to retain Washington Mutual's top executives, CNN said.