rssSenate Report to Show How WaMu Became a Financial ‘Polluter’
Monday, April 12, 2010 at 6:32 pm
- 8 Comments
For the Senate Permanent Subcommittee on Investigations, it is WaMu week.
Tomorrow, the subcommittee will release more than 500 documents on Washington Mutual, the $300 billion bank that helped fuel the subprime bubble and then collapsed in the biggest bank failure in U.S. history. It will also hold a hearing with WaMu executives, including Kerry Killinger, the former chairman and chief executive officer. Then, on Friday, the subcommittee — headed by Sen. Carl Levin (D-Mich.) — will release an investigative report, the fruit of 18 months of labor, into how the Main Street bank took on and eventually died due to Wall Street practices.
Details about the report started to emerge today. The company decided in 2003 to move aggressively into subprime lending to bolster earnings, ultimately producing $77 billion in mortgage-backed securities. The company changed pay practices to prize quantity over quality. And it “built a conveyor belt to dump toxic mortgage assets into the financial system like a polluter dumping toxic substances into the river,” Levin told reporters. Expect ugly revelations all week.
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8 Comments
Pingback posted April 14, 2010 @ 7:04 pm
[...] Read the original: Senate Report to Show How WaMu Became a Financial "Polluter" [...]
Pingback posted April 15, 2010 @ 5:06 am
[...] [. . . ] Leggi l'originale: Relazione al Senato Visualizza Come "[WaMu finanziario divenne un" inquinatore. . . ] URL articolo originale http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 15, 2010 @ 11:59 pm
[...] [. . . []. . . ] Leer el original: Informe al Senado aparece como "[WaMu financiero se convirtió en un gran contaminador". . . ] Http://washingtonindependent URL original del artículo. com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co. . . [. . . ] URL del artículo original http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 16, 2010 @ 1:21 am
[...] [. . . []. . . ] Lire l'original: Rapport au Sénat apparaît comme "[WaMu financier est devenu un" pollueur. . . ] Http://washingtonindependent URL article original. com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co. . . [. . . ] URL article original: http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 17, 2010 @ 9:36 pm
[...] [. . . ] Leer el original: Informe del Senado para mostrar cómo se convirtió en WaMu financiero "contamina" [. . . ] URL del artículo original http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 21, 2010 @ 5:40 pm
[...] [. . . ] Read the original: Senate Report to Show How WaMu Became a Financial "Polluter" [. . . ] URL del artículo original http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 23, 2010 @ 3:44 am
[...] [. . . []. . . ] Leia o original: Senado relatório para mostrar como WaMu financeiros tornaram-se um "poluidor" [. . . ] Http: / / URL washingtonindependent / do artigo original. com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co. . . [. . . ] URL do artigo original http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
Pingback posted April 26, 2010 @ 11:03 am
[...] [. . . ] Lire l'original: le rapport du Sénat pour montrer comment Devenu WaMu financier "pollueur" [. . . ] URL article original: http://washingtonindependent.com/82031/senate-report-to-show-how-wamu-became-a-financial-polluter/co... [...]
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