The tragedy of this financial farce is the "American Public" accepting at face value the words(lies) out of Washington. The fat cats just grow fatter.
This new CEO gets 13 MILLION DOLLARS for 6 weeks worth of work?
The system is F!@#$%%^ up!
Write to your representatives. Make yourself accountable to your right as a free citizen. We need to set term limits. Vote in honest, reliable, hard working business women and men. Reward integrity.
We have an obligation to ourselves. We are the ones who have to pay for the loss of our freedoms, liberties, and healthy lives.
VOTE!!!
SPEAK UP !!!
DEMAND ACCOUNTABILITY !!!
dougy - 16 years ago
Siuwahchan: Actually the practice of "making" banks loan to the less advantaged does a very good job of leveling the racially-biased lending business and has been working overseas for quite some time. The tricky part comes when shady lenders, like WAMU themselves, start pushing loans on people without thoroughly educating them on what the loan actually entails. WAMU has been under investigation for that, and for inflating home values to get a higher equity claim, for a number of years now. A good idea becomes a bad idea only when the greedy, like WAMU, are allowed to run free without the oversight of regulation.
I have no problem seeing them fail. It stands as a good example to others that what you reap is what you sew. I'm in the industry and have enjoyed a long and fruitful career for over 20 years. I have had fewer mortgages fail on lower income borrowers than I have on upper middle class and wealthy ones. The difference is that the lower income people tend to look at their house as the holy grail of achievement, whereas the others looked at it as a stepping stone to bigger and better. They leverage themselves so much that sometimes I have to get references for loan approval on people that make $200,000+, just because they have so much outstanding debt. The lower income, however, are quick and easy. Mainly because I only push fixed loans on them and avoid the ARM. To much risk. They hide nothing from me and are eager to be educated on the good and bad of each type of loan. Which, in turn, is the perfect opportunity for shady lenders, again like WAMU, to sell them bad loans for their situation.
Don't shed a tear for the WAMU people. They will land on their feet in the many service jobs in the area. Maybe then they will learn the value of customer first.
celia - 16 years ago
I equate the WAMU shareholders, either stockholders or employee stockholders) to the Enron investors and employees. They both looked on as a company somehow managed to increase its stock by 100%, 200%, 300%+, yet didn't say "Now how'd they do that?" They just sat back and watched the dough roll in. Well, now the reaper has come a callin' and your blind greed has been your downfall. And none of this "i didn't know" crap. You are a stockholder, which is an OWNER of the company. You looked the other way with $ signs in your eyes.
Have fun in the job search and have fun looking for your next get rich quick scheme. Hey, maybe you should invest in condos down in Florida. I hear they are a bargain now (thanks to your banks devious lending practices).
juan - 16 years ago
waflyguy: Funny, but this actually happened under a Republican President and all the lending happened under a Republican Congress. What color is the sky in your Bizzaro world?
Terry - 16 years ago
The one good thing is that what FDR set up in the 30's was so solid that it actually works 70 years later; that the FDCI could save depositors when management committed the same blunders.
The bad thing is that it was needed. Other bad things also include the FDCI can't shore up all banks all the time. This was one big hit in a teetering situation. The next question is how many people with over $100,000 in deposits lost money even from the takeover?
Molly - 16 years ago
How can anyone feel more secure these days when the Titans of Business are playing Monopoly with our money? At the moment, I think I'd feel most secure with my money under the mattress - maybe I'd sleep better, too. But this is the 21st century, and I don't expect it to get better at the hands of people who blow off tradition, integrity, honesty, and rational thinking in favor of entitltement, 'more for ME,' and gaming with people's lives. I know this behavior isn't new in the business world, but it used to be the exception. Now it's the rule. Or as someone once said, the new golden rule: Those who have the gold make the rules.
Jason - 16 years ago
Kat, check your math. $85 billion divided by 200 million is only $425. I'm pretty sure that's not going to be enough to pay off my mortgage.
EdwinG - 16 years ago
I heard Kerry Killinger got $31M as her total golden parachute while WaMu employees are now endangered species of losing jobs as well as their 401K stock accounts and stock options. Well, nobody stopped Killinger when he was on the expansion mode, everybody rode with his greed now everyone is second guessing. Absolute power corrupts and a** kissing with Killinger brought down a healthy bank.
Siuwahchan - 16 years ago
When congress dictates companies run their business as they run the house and the senate, this is inevitable. Force companies to loan money to the people they cannot afford. Then all these disgusting politicians try to do something as our expenses. I hate to see WAMU go, they have served me well and I want to say "thank you" here.
Kat - 16 years ago
JP-Morgan has been trying for years to get its hands on WaMu. Seems like this is a Bush-Cheney payoff before they leave office - give it to them for pennies --PENNIES! -- on the dollar. When will the American public wake up? I just got this in my email inbox today on the planned bail-out and I think this makes too much sense:
"I'm against the $85,000,000,000 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend.'
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billon that equals $425,000. My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500 in their pocket. A husband and wife has $595,000.
What would you do with $297,500 to $595,000 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ('vote buy') economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can 'never work.' But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in
Washington DC.
And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest."
Dread Poet Jethro - 16 years ago
Comments should retain
The linebreaks authors insert
Don't mess up my poems!
Dread Poet Jethro - 16 years ago
Staff and stockholders
(There's lots of overlap here)
Just got royally screwed
Mr. Agnostic - 16 years ago
Do you realize that JPM took the deposits of WaMu for $0.10 on the $1? Not the loans. But the deposits.
“I will gladly pay .10 for a 1$ hamburger today “
--- Wimpy, from a Popeye cartoon (the last American hero).
waflyguy - 16 years ago
Stalin
Castro
Obama
See a theme? Obama and his kabal of Pelosi and Reid are going to send this country into a socialist/communist state
TiredofBushCheneyAgenda - 16 years ago
100 of the country's top economists across the country have signed a petition that states that this "resolution" is NOT THE ANSWER. (Sorry about the typo I'm just ticked off at the FEAR Bush uses in order to push through his corruption.) He should be in jail with Cheney, Rice, Paulson. They are evil people.
TiredofBushCheneyAgenda - 16 years ago
Bush and Crew all of a sudden decide this is URGENT?! For 8 years banks have been lending to companies and individuals and offering and re-selling bad loans and "NOW, IMMEDIATELY, it MUST BE SOLVED or we'll have another depression." WAKE UP AMERICA! He scared you after 9/11 and now YOU MUST allow this bogus $700 Billion "recovery" to go through. NO WAY! The Fox is guarding the hen house. This is wrong. Fear mongering! 100 of the countries top economists across the country have signed a petition that states that this "resolution" is NOT THE ANSWER. You know, I have a "crazy" cousin that has ALL his money in cash in his home. Tomorrow, I will be going to WaMu and withdrawing all of my cash.
WaFlyGuy - 16 years ago
What's to say but...
Whoo Hoo...You're through!
Thanks Kerry, the egomaniac, for running another NW business into the ground.
The tragedy of this financial farce is the "American Public" accepting at face value the words(lies) out of Washington. The fat cats just grow fatter.
This new CEO gets 13 MILLION DOLLARS for 6 weeks worth of work?
The system is F!@#$%%^ up!
Write to your representatives. Make yourself accountable to your right as a free citizen. We need to set term limits. Vote in honest, reliable, hard working business women and men. Reward integrity.
We have an obligation to ourselves. We are the ones who have to pay for the loss of our freedoms, liberties, and healthy lives.
VOTE!!!
SPEAK UP !!!
DEMAND ACCOUNTABILITY !!!
Siuwahchan: Actually the practice of "making" banks loan to the less advantaged does a very good job of leveling the racially-biased lending business and has been working overseas for quite some time. The tricky part comes when shady lenders, like WAMU themselves, start pushing loans on people without thoroughly educating them on what the loan actually entails. WAMU has been under investigation for that, and for inflating home values to get a higher equity claim, for a number of years now. A good idea becomes a bad idea only when the greedy, like WAMU, are allowed to run free without the oversight of regulation.
I have no problem seeing them fail. It stands as a good example to others that what you reap is what you sew. I'm in the industry and have enjoyed a long and fruitful career for over 20 years. I have had fewer mortgages fail on lower income borrowers than I have on upper middle class and wealthy ones. The difference is that the lower income people tend to look at their house as the holy grail of achievement, whereas the others looked at it as a stepping stone to bigger and better. They leverage themselves so much that sometimes I have to get references for loan approval on people that make $200,000+, just because they have so much outstanding debt. The lower income, however, are quick and easy. Mainly because I only push fixed loans on them and avoid the ARM. To much risk. They hide nothing from me and are eager to be educated on the good and bad of each type of loan. Which, in turn, is the perfect opportunity for shady lenders, again like WAMU, to sell them bad loans for their situation.
Don't shed a tear for the WAMU people. They will land on their feet in the many service jobs in the area. Maybe then they will learn the value of customer first.
I equate the WAMU shareholders, either stockholders or employee stockholders) to the Enron investors and employees. They both looked on as a company somehow managed to increase its stock by 100%, 200%, 300%+, yet didn't say "Now how'd they do that?" They just sat back and watched the dough roll in. Well, now the reaper has come a callin' and your blind greed has been your downfall. And none of this "i didn't know" crap. You are a stockholder, which is an OWNER of the company. You looked the other way with $ signs in your eyes.
Have fun in the job search and have fun looking for your next get rich quick scheme. Hey, maybe you should invest in condos down in Florida. I hear they are a bargain now (thanks to your banks devious lending practices).
waflyguy: Funny, but this actually happened under a Republican President and all the lending happened under a Republican Congress. What color is the sky in your Bizzaro world?
The one good thing is that what FDR set up in the 30's was so solid that it actually works 70 years later; that the FDCI could save depositors when management committed the same blunders.
The bad thing is that it was needed. Other bad things also include the FDCI can't shore up all banks all the time. This was one big hit in a teetering situation. The next question is how many people with over $100,000 in deposits lost money even from the takeover?
How can anyone feel more secure these days when the Titans of Business are playing Monopoly with our money? At the moment, I think I'd feel most secure with my money under the mattress - maybe I'd sleep better, too. But this is the 21st century, and I don't expect it to get better at the hands of people who blow off tradition, integrity, honesty, and rational thinking in favor of entitltement, 'more for ME,' and gaming with people's lives. I know this behavior isn't new in the business world, but it used to be the exception. Now it's the rule. Or as someone once said, the new golden rule: Those who have the gold make the rules.
Kat, check your math. $85 billion divided by 200 million is only $425. I'm pretty sure that's not going to be enough to pay off my mortgage.
I heard Kerry Killinger got $31M as her total golden parachute while WaMu employees are now endangered species of losing jobs as well as their 401K stock accounts and stock options. Well, nobody stopped Killinger when he was on the expansion mode, everybody rode with his greed now everyone is second guessing. Absolute power corrupts and a** kissing with Killinger brought down a healthy bank.
When congress dictates companies run their business as they run the house and the senate, this is inevitable. Force companies to loan money to the people they cannot afford. Then all these disgusting politicians try to do something as our expenses. I hate to see WAMU go, they have served me well and I want to say "thank you" here.
JP-Morgan has been trying for years to get its hands on WaMu. Seems like this is a Bush-Cheney payoff before they leave office - give it to them for pennies --PENNIES! -- on the dollar. When will the American public wake up? I just got this in my email inbox today on the planned bail-out and I think this makes too much sense:
"I'm against the $85,000,000,000 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend.'
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billon that equals $425,000. My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500 in their pocket. A husband and wife has $595,000.
What would you do with $297,500 to $595,000 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ('vote buy') economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can 'never work.' But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in
Washington DC.
And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest."
Comments should retain
The linebreaks authors insert
Don't mess up my poems!
Staff and stockholders
(There's lots of overlap here)
Just got royally screwed
Do you realize that JPM took the deposits of WaMu for $0.10 on the $1? Not the loans. But the deposits.
“I will gladly pay .10 for a 1$ hamburger today “
--- Wimpy, from a Popeye cartoon (the last American hero).
Stalin
Castro
Obama
See a theme? Obama and his kabal of Pelosi and Reid are going to send this country into a socialist/communist state
100 of the country's top economists across the country have signed a petition that states that this "resolution" is NOT THE ANSWER. (Sorry about the typo I'm just ticked off at the FEAR Bush uses in order to push through his corruption.) He should be in jail with Cheney, Rice, Paulson. They are evil people.
Bush and Crew all of a sudden decide this is URGENT?! For 8 years banks have been lending to companies and individuals and offering and re-selling bad loans and "NOW, IMMEDIATELY, it MUST BE SOLVED or we'll have another depression." WAKE UP AMERICA! He scared you after 9/11 and now YOU MUST allow this bogus $700 Billion "recovery" to go through. NO WAY! The Fox is guarding the hen house. This is wrong. Fear mongering! 100 of the countries top economists across the country have signed a petition that states that this "resolution" is NOT THE ANSWER. You know, I have a "crazy" cousin that has ALL his money in cash in his home. Tomorrow, I will be going to WaMu and withdrawing all of my cash.
What's to say but...
Whoo Hoo...You're through!
Thanks Kerry, the egomaniac, for running another NW business into the ground.