CEO of failed WaMu could get millions

WASHINGTON (AP) -- The CEO of failed Washington Mutual Inc., on the job only a few weeks before the nation's largest thrift was seized by the government and sold to JPMorgan Chase & Co., is entitled to more than $13 million in severance and bonus pay.
Alan H. Fishman signed an agreement that provides around $6 million in cash severance and retention of his signing bonus of $7.5 million if he were to leave his job, according to a company filing with the Securities and Exchange Commission.The board of WaMu reached out to Fishman to replace Kerry Killinger as CEO as the Seattle-based bank was in a downward financial spiral, struggling with cascading losses from soured mortgages. On Sept. 8, the same day WaMu announced Fishman's appointment as chief executive, the bank signed an agreement with federal regulators to provide an updated business plan and forecast for its financial performance.
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Philippine leader to proceed with US trip despite violence in south

Manila - Philippine President Gloria Macapagal Arroyo will push ahead with a trip to the United States she cancelled earlier due to escalating violence in the country's troubled south, her press secretary said Wednesday.

According to Press Secretary Jesus Dureza, Arroyo decided to proceed with the visit to New York to attend the 63rd United Nations General Assembly and other meetings with global leaders.

Dureza said the decision was based on the strong recommendations by Foreign Secretary Alberto Romulo and Philippine ambassador to the UN Hilario Davide.

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McCain softens his opposition to AIG bailout

ORION TOWNSHIP, MICH. — Republican candidate John McCain, a day after flatly rejecting a taxpayer bailout for American International Group Inc., said Wednesday the government had been "forced" into proposing an $85 billion loan to the nation's largest insurer.

McCain appeared to soften his opposition to the bailout proposed by the Federal Reserve, treating the plan as a necessary evil to protect ordinary Americans — and asserting that such a financial collapse should not be allowed to happen again. He also called for an investigation to uncover any wrongdoing.

Democratic rival Barack Obama blamed the Republican anti-regulatory fervor of recent years for part of the mess, saying the crisis is "a stark reminder of the failures of crony capitalism and an economic philosophy that sees any regulation at all as unwise and unnecessary."
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