This is like a Greek tragedy: You have the older wiser king replaced by the younger, flashier prince. Then fate catches up with the prince due to his pride.
Great detail, but a bit slow at points. Some diagrams and pictures would help.
[UPDATE: Oh lordy! Jenny Durkan, who was US attorney at that time and refused to go after the super-criminals at WaMu, is now running for mayor of Seattle - - heaven help us!!!]
[Ms. Keysha Cooper, who was fired from WaMu for refusing to OK fraudulent mortgage loans, had one of those $800,000 loans later analyzed - - turned out it was not a house at all, simply a mediocre empty lot!] Oh, wow! Does this author ever soft peddle everything! We know from the congressional investigation into WaMu that the senior executive management kept a black list of honest real estate assessors that weren't ever to be hired or contracted out to (meaning they only gave employment to the dishonest ones! ! !), plus we know that when senior mortgage underwriter, Keysha Cooper, refused to OK fraudulent loans, she was fired! Negative on this apology for utterly corrupt, amoral executives! [So only one person (senior underwriter) was fired for honesty at WaMu? So only one person was fired for honesty at Citi? So only one person (trader) was fired for honesty at Merrill Lynch? This breakdown is the greatest indictment of Americans in the financial services and banking industry - - 100% fraud-based crooks!] Publishers Weekly reviewer says: Grind raises disturbing questions about how JPMorgan benefited from the FDIC's forcing a possibly salvageable WaMu into receivership... But does Grind ever answer them?
Informative, understandable, and believable.
Slow moving at the start, and the writing style is very plain.
She was mostly fair, but I thought she tended to excuse the WaMu executives a little too much.
The reasoning seemed to be sure they made a lot of bad loans, deceived a lot of borrowers, and misrepresented the bundles of loans they packaged, but they could have survived if only the regulators hadn't shut them down because of lack of liquidity.
And not knowing who to bribe (or blackmail) in Washington. Thus no bailout for them.
This is the best book I have read all year. If you are at all interested in our recent economic downfall, this book is not to be missed. Compelling and interesting, it explains the downfall of WAMU and the impact its executives and the government regulators had on the situation.
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