Wednesday, March 5, 2008 - Page updated at 05:55 PM
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WaMu board protects 2008 executive bonuses from mortgage crisis
The U.S. housing crisis slashed Washington Mutual earnings, but it won't drain executive bonuses.
WaMu's board will exclude costs related to mortgage defaults and real estate foreclosures when it comes time to calculate executive compensation for the year.
The Seattle thrift made that disclosure Monday in a Securities and Exchange Commission filing.
The move protects bonuses for WaMu Chief Executive Officer Kerry Killinger and about 100 others.
The nation's largest savings and loan reported a fourth-quarter loss last year of $1.87 billion, largely because of bad loans.
In December, WaMu announced plans to close offices and lay off more than 3,000 workers.
Copyright © 2008 The Seattle Times Company
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