Bonus pay rewards WAMU execs for 2007 performance

Washington Mutual files amended executive 2008 bonus package with the SEC.

For the 2008 Bonus Plan the Committee selected the following performance measures and relative weights:
· The Company’s 2008 net operating profit, weighted at 30%, calculated as operating profit before income taxes and excluding the effects of (i) loan loss provisions other than related to our credit card business and (ii) expenses related to foreclosed real estate assets;

· The Company’s 2008 noninterest expense, weighted at 25%, calculated to exclude expenses related to (i) business resizing or restructuring and (ii) foreclosed real estate assets;

· The Company’s 2008 depositor and other retail banking fees, weighted at 25%; and

· The Company’s 2008 customer loyalty performance, weighted at 20%, based upon a proprietary rating system designed by the Company and an outside vendor.

In evaluating Company financial performance, the Committee may adjust results to eliminate the effects of charges for restructurings, discontinued operations, extraordinary items and items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment or a business or related to a change in accounting principle.

Wamu bond rating hits BBB, and bonuses EXCLUDE expenses from performance disaster. I wish I could do that!!! Sammy, help!