Saturday, May 9, 2009
- CEO of Washington Mutual -- the biggest failed bank in history when it was seized by the FDIC on September 8, 2008!
- Took home more than $100 million in compensation while at WaMu!
- Dreamed of making WaMu the Wal-Mart of banking!
- Called WaMu branch offices "stores"!
- Made the bank a big player in subprime lending!
- Managed WaMu in such a way that the bank was repeatedly accused of illegal, predatory lending practices!
- Under Killinger, WaMu "pressured appraisers to provide inflated property values that made loans appear less risky" -- and "pressed sales agents to pump out loans while disregarding borrowers' incomes and assets"!
- 2003 WaMu ad campaign: "The Power of Yes"!
- Received compensation of more than $14 million in 2007, even as the housing market crashed, foreclosures soared -- and WaMu's stock price fell by 70%!
- 2008 WaMu ad campaign: "WaMu - Whoo Hoo!"
- In July 2008, then-Treasury Secretary Hank Paulson warned Killinger to sell WaMu -- before it collapsed!
- In 2003, predicted that in five years, thanks to that massive growth, WaMu would no longer be considered a bank -- and was correct!
- Left WaMu with a $44 million golden parachute!
Posted by Joe Six-Pack at 1:42 AM