Lack of fed oversite at Wam Mu

evince

evince

Truthmatters
http://www.nytimes.com/2010/04/12/business/12wamu.html?nl=us&emc=politicsemailema3


— Regulators failed for years to properly supervise the giant savings and loan Washington Mutual, even as the company wobbled under the weight of risky subprime mortgages, a federal investigation has concluded.



Times Topic: Credit Crisis — The EssentialsThe two agencies that oversaw Washington Mutual, the investigation found, feuded so much that they could not even agree to deem the company “unsafe and unsound” until Sept. 18, 2008.

By then, it was too late. A week later, amid a wave of deposit withdrawals, the government seized the bank and sold it to JPMorgan Chase for $1.9 billion. It was by far the largest bank failure in American history.
 
Feel free to join Digital Dave's thread in Above Plain Politics about WaMu and Obama's boy Jamie Dimon and JP Morgan.
 
Can't wai for Killinger to get up in front of that Senate Committee tommorow and put the blame on all of those who deserve it.

Of course Desh, that article was also written about the findings from the FDIC investigation, you know, the people who seized the bank when they really shouldn't have. This is the best they got? Blame the OTS! Guess what, I predicted they would do that a year ago, join the thread and keep up!
 
evince said:
Who was pres on sept 18th 2008?
Click to expand...

The passage of the TARP funds were the issue of the day when WaMu was illegally seized by the FDIC. When the Legislative branch was bickering about the bail-out, depositors were pulling out of the banks. I was pissed too when it happened, and it was the people pushing so hard for this relief program that was causing the panic.
 
These asswholes drove Wamu's shareholders in a ditch and are bitching that they didn't get a free tow and repair. NICE
 
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