Drugs, fraud and betrayal at Washington Mutual

This reminds me of a conversation that I had with the manager of my local WaMu branch office. In essence, the manager told me that his previous employer had gotten into legal problems with fraud (with the inference that he had been heavily involved in it). He more or less said that he was "hiding out" at WaMU waiting for all of the legal problems to pass him by. (How does one "hide" as a manager of WaMu?) But that was "his tory" about how he came to work for WaMu. Needless to say, I was rather leary of his investment recommendations.

The Blacks are at fault for this mess. They got all the loans and they knew they could not pay them off. They should swim back to Africa. I forgot coloreds cannot swim.

Henry,

This is a serious site. Please go peddle your nonsense elsewhere.

All the banks are smoking meth as far as I can see. They don't want to tell tax payers where the bailout money we gave them went. They continue to pay for perks and parties. Banks like Bank
of America keep raising interest rates on credit cards that have never been paid late. While they refuse to re-work mortgages to keep defaults down. They say they don't want you to default on your lines of credit while pulling every footing you try and get as a credit holder out from underneath of you. If your bank won't work with you then stiff them with the mortgage. If you live in a state that protects your home by means of a homestead exemption and you qualify then don't pay any credit cards at all and if you are 25% or more upside down in your mortgage abd they plays games at Bank of America or any other bank then tell them to stick it up their As". Rent is going down everywhere so rent and get out of that high mortgage payment that is killing you. It is the financial industries fault that unemployment is where it is. They started this crap and we the little people have the power to put these lousy banks out of business. Who built these banks balance sheets? We the working class did and now they treat us like herpes.

Well, I invested in WAMU, the nation's largest saving and loan thinking even with troubles it couldn't be all that bad. Then the corrupt FDIC seized billions in assets, all of which would not have gone bad, and GAVE them to JP Morgan (again as BearStern) for less than $2 Billion wiping out the shareholders without warning the night before Congress first voted on the $700B bailout. Looks like the FDIC wanted to be SURE WAMU failed and JP Morgan got the windfall. Why hasn't there been an investigation of the FDIC and Christopher Scott for treason for withdrawing the regulations of banks and letting them monitor themselves? Benedict Arnold did less damage than Christopher Scott. Then the Madoff scandal where again Scott's SEC was warned for ten years of possible fraud and looked the other way. Scott should be tried for treason as no one else! Congress needs to get top the bottom of the FDIC/ JP Morgan connection as well. But the government is letting it all go by as if nothing happened, there's to be no accountability. Where is the justice in the justice system?

I'm assuming the line about "while the boss was snorting methamphetamine" is deliberately crafted to imply to casual readers
that this line is about a common occurance ? (Rather than accurately portraying the single reported instance of a single "supervisor")...

And the quote is more accurately quoted as "according to a couple of underwriters", not "according to the Times", don't you think?