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.
3 comments:
But we had fun while we wer being not-evil.
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 . . . ].
bn
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'.
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