WaMu: The latest bank failure

[texas*princess]

It wasn't just the "run on the bank" that killed WaMu.

WaMu also participated in the crappy mortgage business which helped spell out their demise.

Their latest CEO was ousted because of that

Washington Mutual removes CEO Kerry Killinger
Sep 8, 2008

NEW YORK (AP) — Washington Mutual Inc., ravaged by losses from sour mortgages, removed Kerry Killinger as chief executive of the nation's largest savings and loan on Monday, adding him to the growing list of banking bosses ousted by their boards.

[texas*princess]

Originally Posted by texas*princess

It wasn't just the "run on the bank" that killed WaMu.

WaMu also participated in the crappy mortgage business which helped spell out their demise.

Their latest CEO was ousted because of that

Oh yeah - and the new CEO will be receiving anywhere between $13-18 MILLION in severance pay for 3 wks of 'work'