WAMU

[KaskadskyjKozak]

 

estamos fudidos

 

[prole]

btw, a great quote i heard the other day to describe our current practices: we're capitalizing the gains and socializing the losses

 

The latest recipients of a government bailout? Rich gullible douchebag Ponzi investors!

 

A Palm Beach Enclave, Stunned By An Inside Job

 

Judge Signs Order To Protect Madoff Investors

 

 

[Gary_Yngve]

I don't think they're getting any bailout money. The judge's order was to prevent Madoff from doing anything with his remaining assets so that whatever money is left can be given back "fairly" to the investors.

[prole]

It's not possible, given the scale and scope of this swindle and the nature of the Ponzi structure, that the liquidation of Madoff's assets will come anywhere close to covering the massive losses. Will the State step in beyond the paltry $500,000 guarantee to prop up the banks, foundations, and Shi-Tzu set that got taken to the cleaners? Stay tuned.

[j_b]

Who could have known that unchecked greed leads to fraud?

[JayB]

Meth is a hell of a drug...

 

Saying yes to anyone, WaMu built empire on shaky loans

 

By PETER S. GOODMAN AND GRETCHEN MORGENSON

THE NEW YORK TIMES

 

"We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe's-Home Depot did to their industry. And I think if we've done our job, five years from now you're not going to call us a bank."

 

-- Kerry K. Killinger, chief executive of Washington Mutual, 2003

 

SAN DIEGO -- As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers'. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.

 

Yet even by WaMu's relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.

 

Parsons could not verify the singer's income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved.

 

"I'd lie if I said every piece of documentation was properly signed and dated," said Parsons, speaking through wire-reinforced glass at a California prison near here, where he is serving 16 months for theft after his fourth arrest -- all involving drugs.

 

While Parsons, whose incarceration is not related to his work for WaMu, oversaw a team screening mortgage applications, he was snorting methamphetamine daily, he said..."

 

http://seattlepi.nwsource.com/business/393914_wamu28.html

 

Then:CrackMeth.

 

Now: Xanax and beta-blockers...

 

 

 

[wayne]

I read that the other day, What a sad tale of a runaway system .

[Mal_Con]