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.