Alan H. Fishman

Last updated
Alan H. Fishman
Born16 March 1946
NationalityAmerican
OccupationBusinessman
Known for Washington Mutual's last weeks

Alan H. Fishman (born 16 March 1946) [1] is an American businessman. He was the last CEO of Washington Mutual (WaMu) [2] prior to federal regulators seizing its assets on September 25, 2008. [3]

Contents

Education and career

Fishman holds a bachelor's degree from Brown University and a master's degree in economics from Columbia University. He was president and chief operating officer of Sovereign Bank and president and chief executive officer of Independence Community Bank. [4] He began work at Meridian Capital Group in 2007. [5] He was a private equity investor, focusing on financial services at Neuberger & Berman, Adler & Shaykin and at his own firm Columbia Financial Partners. He held senior executive positions at Chemical Bank and ContiFinancial Corporation.[ citation needed ]

Fishman was Chairman of the Board of Trustees of Brooklyn Academy of Music, on which he served for nearly 30 years, until January 2017. [6]

Washington Mutual

Fishman joined WaMu on September 8, 2008, replacing outgoing CEO Kerry Killinger as part of that bank's restructuring in the face of the subprime mortgage crisis. [7] He served as the bank's CEO for 17 days before its banking assets were seized by federal regulators in the largest bank failure in American history. [3] WaMu's banking operations were sold to JPMorgan Chase for $1.9 billion, [3] while the remainder of WaMu declared bankruptcy the next day. [8] According to C-Span on September 26, he was ultimately paid $19 million for three weeks of work at WaMu, including severance pay. [9] Meanwhile, the company's stock price dwindled to pennies after trading as high as $45 a share in 2007. The previous CEO was paid $14 million for one year on the job.

Related Research Articles

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation incorporated in Delaware and headquartered in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

<span class="mw-page-title-main">JPMorgan Chase</span> American multinational financial services firm

JPMorgan Chase & Co. is an American multinational financial institution headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.

<span class="mw-page-title-main">Chase Bank</span> National bank headquartered in New York City

JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Chemical Bank New York in 1996 and later merged with Bank One Corporation in 2004 and in 2008 acquired the deposits and most assets of Washington Mutual.

<span class="mw-page-title-main">Mellon Financial</span> Former investment firm located in the US

Mellon Financial Corporation was an American investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds, business banking, and shareholder and investor services. On December 4, 2006, it announced a merger agreement with Bank of New York, to form BNY Mellon. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007.

The Continental Illinois National Bank and Trust Company was at one time the seventh-largest commercial bank in the United States as measured by deposits, with approximately $40 billion in assets. In 1984, Continental Illinois became the largest ever bank failure in U.S. history, when a run on the bank led to its seizure by the Federal Deposit Insurance Corporation (FDIC). Continental Illinois retained this dubious distinction until the failure of Washington Mutual in 2008 during the financial crisis of 2008, which ended up being over seven times larger than the failure of Continental Illinois.

Kerry Killinger is an American businessman and author. He is founder and CEO of Crescent Capital Associates, and previously served as chairman and chief executive officer of Washington Mutual from 1990 until 2008.

<span class="mw-page-title-main">Securities Industry and Financial Markets Association</span> United States industry trade group

The Securities Industry and Financial Markets Association (SIFMA) is a United States industry trade group representing securities firms, banks, and asset management companies. SIFMA was formed on November 1, 2006, from the merger of the Bond Market Association and the Securities Industry Association. It has offices in New York City and Washington, D.C.

<span class="mw-page-title-main">Vikram Pandit</span> Indian-born American banker

Vikram Shankar Pandit is an Indian-American banker and investor who was the chief executive officer of Citigroup from December 2007 to 16 October 2012 and is the current chairman and chief executive officer of The Orogen Group.

The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

<span class="mw-page-title-main">Dime Savings Bank of New York</span> Former bank in Brooklyn, New York (1859–2002)

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse is a report on the financial crisis of 2007–2008 issued on April 13, 2011 by the United States Senate Permanent Subcommittee on Investigations. The 639-page report was issued under the chairmanship of Senators Carl Levin and Tom Coburn, and is colloquially known as the Levin-Coburn Report. After conducting "over 150 interviews and depositions, consulting with dozens of government, academic, and private sector experts" found that "the crisis was not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street." In an interview, Senator Levin noted that "The overwhelming evidence is that those institutions deceived their clients and deceived the public, and they were aided and abetted by deferential regulators and credit ratings agencies who had conflicts of interest." By the end of their two-year investigation, the staff amassed 56 million pages of memos, documents, prospectuses and e-mails. The report, which contains 2,800 footnotes and references thousands of internal documents focused on four major areas of concern regarding the failure of the financial system: high risk mortgage lending, failure of regulators to stop such practices, inflated credit ratings, and abuses of the system by investment banks. The Report also issued several recommendations for future action regarding each of these categories.

American Savings and Loan Association was an American savings and loan based in Stockton, California. In 1988 it was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.

<span class="mw-page-title-main">Economic Growth, Regulatory Relief, and Consumer Protection Act</span> United States Law

The Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law by President Donald Trump on May 24, 2018. The bill eased financial regulations imposed by Dodd–Frank Wall Street Reform and Consumer Protection Act after the financial crisis of 2007–2008.

Ronald J. Cathcart is a Canadian-born American banking executive and financial regulator. He is currently Managing Director, Head of Risk Practice at Promontory Financial Group.

References

  1. "Biography of Alan Fishman". Marquis Who's Who. Retrieved 2008-12-29.[ dead link ]
  2. Lepro, Sara (2008-09-09). "Washington Mutual Replaces Its CEO". The Washington Post . ISSN   0190-8286 . Retrieved 2017-11-09.
  3. 1 2 3 Dash, Eric; Sorkin, Andrew Ross (2008-09-25). "Government Seizes WaMu and Sells Some Assets". The New York Times. ISSN   0362-4331 . Retrieved 2017-11-09.
  4. Dash, Eric (2008-09-08). "Chief Forced Out at Washington Mutual". The New York Times. ISSN   0362-4331 . Retrieved 2024-04-23.
  5. "FOXNews.com - WaMu Gives New CEO Mega Payout as Bank Fails - Local News | News Articles | National News | US News". 2008-12-05. Archived from the original on 2008-12-05. Retrieved 2017-11-09.
  6. Brooklyn Academy of Music. "BAM announces Adam E. Max as Chairman of the Board of Trustees" (PDF). Brooklyn Academy of Music press release. Retrieved January 28, 2017.
  7. "WaMu replaces CEO, signs agreement with regulator" . Retrieved 2008-12-29.
  8. Sidel, Robin; Enrich, David; Fitzpatrick, Dan (2008-09-26). "WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History". Wall Street Journal. ISSN   0099-9660 . Retrieved 2017-11-09.
  9. "WaMu Gives New CEO Mega Payout as Bank Fails". FOX. 2008-09-26. Archived from the original on 5 December 2008. Retrieved 2008-12-29.