Monday, April 12, 2010

"The last big bank that isn't evil:" A brief timeline of the end of my career in banking

2003: When I left an even bigger bank to work for Washington Mutual, insider friends said to me, "Welcome to the last big bank that isn't evil."

2005: My division of WaMu ceased to exist; the resources were cannibalized to support WaMu's decision to go all-in on the sub-prime lending market.

2008: WaMu no longer existed.

2010: Today's Calculated Risk's overview of the Senate hearings on WaMu's failure, scheduled to begin tomorrow morning, prominently features the phrase "executives knowingly created 'a mortgage time bomb.'"

Also: "Regulators failed for years to properly supervise the giant savings and loan Washington Mutual"

And: "rewarding loan officers and processors based on how many mortgages they could churn out"

The bigger bank I left for WaMu in 2003 didn't get on the sub-prime bandwagon. It's still out there.


emily said...

But we had fun while we wer being not-evil.

Nothstine said...

It's true. We did.

And I still have the two birthday cards Kerry Killinger hand-signed. And I bet the people who had Kerry Killinger bobblehead dolls still have them [although they might be worth a fortune on eBay . . . ].


emily said...

And it looks like I could still use your skills as an editor... sigh.
Oi, I had forgotten about the bobbleheads. They might have been better at running the company. Just sayin'.