Wednesday, April 14, 2010

WaMu pity party

Killinger, the ex-CEO and chairman of WaMu, complains that his bank was subject of "unfair treatment" during the crisis, ultimately leading to WaMu being place in receivership. Which, according to him, didn't even need to happen (REALLY???). The hillarity of this pity-party aside, Killinger is an embodiment of the two grave moral vices that have been all but institutionalized:
 - If you ran your organization into ground through fraud and malfeasance (as WaMu did), blame others. Rubin's "everyone is to blame" mantra is a variation on this theme.
 - How the fuck is it still OK for Killinger to keep his $14 million in compensation in 2007 and $21 million in 2008???

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