||[Sep. 25th, 2008|10:55 pm]
The bank I use locally, WaMu, just failed in a fantastic way.|
The CEO was on a plane, in the air, when the goverment brokered the deal. He gets a cool $19M or so out of it. Not bad for a week or two of work. (http://www.nytimes.com/2008/09/26/business/26wamu.html?ref=us)
From their website (soon to be taken down, I presume), a letter from the new CEO:
September 22, 2008
As WaMu’s new chief executive officer, I am writing to discuss the extraordinary economic environment for all banks in the United States and why you can count on us to continue to serve you safely and soundly.
I came to WaMu because I think it is a great bank with a strong franchise and a solid financial position. We take very seriously our role as the stewards of your hard-earned money. I want to personally thank you for your loyalty and the opportunity to serve your needs.
Update (9/26, 6:55am): As expected, the note is now gone.