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Monday, December 29, 2008

Economy Drugs and Bad Math

Posted by Grant Brissey on Mon, Dec 29, 2008 at 11:09 AM

The New York Times sheds some more light on the ridiculous practices that brought about the biggest bank failure in American history.

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Wow, how sad is it that the best article in yesterday's Sunday Times/P-I was just a NYT reprint?

Note to self: cancel subscription

Posted by sad on December 29, 2008 at 11:17 AM

I'm still trying to figure out what the meth addict had to do with the story about Wamu's piss poor loan practices. Yes, he worked there, but it doesn't sound like anything would've been different if he was stone cold sober.

Posted by Mahtli69 on December 29, 2008 at 11:23 AM

wasn't me, all came from above, blah blah blah nobody held responsible blah blah end of the United States

Posted by Non on December 29, 2008 at 11:30 AM

After reading this article, all I could think was that Mr. Killinger should be coerced by court order to return every single penny he received during his tenure as WaMu's CEO. If the court is too chicken to do it everything he owns should be burned, smashed, or stolen by an angry mob.

My Plan B is messy, dangerous and illegal but I think the end of enforcing accountability justifies the means.

Posted by east coaster on December 29, 2008 at 11:31 AM

Killinger got paid to take a big risk by replacing banking practices with speculation. Now that the bet is sour, the buck may stop (evaporate?) with Killinger, but a host of co-conspirators in and out of WAMU have something to answer for, no? Talk about systemic.

Posted by tomasyalba on December 29, 2008 at 11:48 AM

@5, you could have shorted WM for a period of time and done well.

Posted by But that'd require some sort of market participation on December 29, 2008 at 1:10 PM

Sure... it was an article about poor judgment and a frenzied money grab, I think the meth thing is relevant. Then again I'm assuming he threw things and yelled "SELL, SELL, SELL!!!" a lot.

Posted by daniel on December 29, 2008 at 1:13 PM

There is no sour bet when the Fed will shower you with billions.

Posted by Vince on December 29, 2008 at 3:23 PM

Mahtli69@2: the point is that it was the Wild West. Most employers, at least here on the East Side, take a dim view of drug paraphanalia on your desk.

Posted by Big Sven on December 29, 2008 at 4:39 PM