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Top WaMu Leaders Escape Serious Punishment

Posted on Dec 19, 2011
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The FDIC has reached a deal with three of the executives who presided over Washington Mutual’s collapse. The $64.7 million settlement amounts to substantially less than the chief executive alone was paid in the years before his bank set a record for failure.

Gretchen Morgenson of The New York Times is not pleased:

The deal, agreed to by the Federal Deposit Insurance Corporation, requires that the men, among them Kerry Killinger, WaMu’s former chief executive, forgo claims for insurance coverage and some past compensation that they had requested from the bankruptcy court.

To anyone familiar with WaMu’s Wild West lending practices — “The Power of Yes” was the bank’s motto — the agreement might seem like yet another example of the minimalist punishment meted out to major players in the credit boom and bust.

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Samson's avatar

By Samson, December 20, 2011 at 9:10 pm Link to this comment

Gee, Obama’s administration not prosecuting bankers is
about as big a surprise as discovering that there’s
gambling going on at Rick’s Cafe.

I guess all the cops are busy arresting anyone who
protests against this instead.

Report this

By bpawk, December 20, 2011 at 10:37 am Link to this comment

Blame your government (Bush Obama Clinton et al) for signing laws that let these gangsters away and blame your government for bailing them out (all at your expense as a taxpayer).  Don’t go occupying parks and streets - bang on the doors of Congress, White House and Washington - there’s nobody else to blame. Corporations don’t owe you an answer but your government does.

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By felicity, December 20, 2011 at 10:06 am Link to this comment

Are we surprised yet?  Neil Bush ‘paid’ the government
(us) $50,000 for his role in the (thanks to him)
Silverado Savings and Loan collapse, which ended up
costing the government (us) a hefty $1 billion. 

And that was years ago. And now, Jeb Bush might run for
the Republican nomination?  The Bush dynasty of crooks
and liars, perhaps, hasn’t finished with us yet.

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prisnersdilema's avatar

By prisnersdilema, December 20, 2011 at 7:56 am Link to this comment

I remember when people in California, under the three strikes law, could get life in
prison, for any minor offense. I’ve heard of people who got life in prison for
stealing a battery, at the hardware store.

Yet now we have criminals that steal a whole countries worth of money, and
practically nothing happens to them.

Its like having the Manson family in charge at the parole board.

That’s what our government has become.

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By Big B, December 20, 2011 at 5:51 am Link to this comment

Let me see, if I steal $5 from somebody, and get caught, and agree to give back $1, all will be forgiven.

Why don’t we just let the wealthy do what ever the hell they want. Oh, too late.

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By Dr Bones, December 19, 2011 at 9:24 pm Link to this comment
(Unregistered commenter)

I a poor kid stole a soda from the bank’s lunchroom, they’d be serving time.  Like Government, the Justice System is a crime seen.

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mackTN's avatar

By mackTN, December 19, 2011 at 8:53 pm Link to this comment

This is simply unforgivable, as much a sin for anyone supporting this criminal

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Blueokie's avatar

By Blueokie, December 19, 2011 at 8:01 pm Link to this comment

How many more examples do we need before the people begin to understand that there is no equality under the law for economic and political elites?  Adams, Hamilton, Jefferson, and Madison all understood that this was paramount for the Republic to exist.  How many problems in this country could be corrected if there were actual equality for all?  The fact that the current holder of the Oval Office is an enthusiastic supporter of the “elites” being above the law is the chief indicator of his unfitness for the office.

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