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WaMu CEO Could Cash In on a Sale

A spokeswoman for WaMu declined to comment regarding the renewed rumors. A JPMorgan Chase spokesman also declined to comment.

JPMorgan was rumored to approach WaMu this spring with a takeout offer but was rejected, according to reports. Finding other suitors could be limited, but could include foreign banking outfits such as HSBC (HBC), some say.

Cannon is less pleased that Fishman could earn close to $20 million in the next 16 months with other parts of Fishman's employment contract "by merely not getting fired," he writes in a note Friday. "We would prefer the cash compensation be more tied to performance measures."

He also worries that Fishman's option-based compensation, which is tied to stock price targets, would give him a "strong incentive" to avoid any further dilutive capital raises, according to the note.

WaMu underwent a $7.2 billion capital raise led by private equity firm TPG and other institutional investors in April.

WaMu's stock is down more than 90% from a year earlier. Shares fell to their lowest level in 18 years this week after investors went on a selling spree of the company's stock on fears that the company would default.

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