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The bank I use locally, WaMu, just failed in a fantastic way. The… - stalkingmsd@gmail.com [entries|archive|friends|userinfo]

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[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.

[User Picture]From: jgrafton
2008-09-26 06:55 am (UTC)
September 22? That's a little weird, considering it was announced today...
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[User Picture]From: stalkingmsd
2008-09-26 01:56 pm (UTC)
This was the new CEO of WaMu before they failed.
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