So - who are the dumbasses?
Any taxpayer who allows Congress to bail out the incompetently managed banks or businesses.
But, me? Hell I'm happy... See my smile?
Posted on 09/26/2008 1:34:16 PM PDT by Ugot2Bkidding
Washington Mutual paid former CEO Kerry Killinger $14.4 million in 2007 and over $54 million from 2002-07, Forbes reports. In return, the nearly 120-year-old firm was led into the biggest bank failure in U.S. history.
(Excerpt) Read more at finance.yahoo.com ...
“WaMu Wipeout: ‘Gross Mismanagement’ by Former CEO Killinger”
File under “D” for Duh!
It’s funny that this hyper-pro-diversity company was headed by a guy whose initials are KKK.
Killinger, Kerry K Mr.
Seattle , WA 98177
Washington Mutual/Banking Chris Dodd (D)
President
CHRIS DODD FOR PRESIDENT INC - $2,000
primary 03/31/07
Killinger, Kerry
Seattle , WA 98177
Washington Mutual Bank/CEO VILSACK, THOMAS J (D)
President
TOM VILSACK FOR PRESIDENT - $2,300
primary 02/05/07
So - who are the dumbasses?
Any taxpayer who allows Congress to bail out the incompetently managed banks or businesses.
But, me? Hell I'm happy... See my smile?
In the 1992-94 time frame Attorney General and part time human barbecue queen Janet the beast Reno threatened to put the full weight of the Justice Department into prosecution mode if lending institutions in the United States didn’t provide loans to members of minority racial groups who couldn’t pay them back.
Now the media and even politicians on both sides of the isle focus on the CEOs of lending institutions and their so called greed and malfeasance.
For Christ’s sake folks, this is patently absurd.
The responsibility lies squarely on the backs of the Democrats in Congress, and everyone from the MSM, the Republicans to Bill O’Reilly are passing it off as a non-partisan equal blame “shame on the lending institutions” problem.
I can’t remember when I’ve been so disgusted with the pukes in D.C.
” to Bill O’Reilly are passing it off as a non-partisan equal blame “shame on the lending institutions” problem.”
Bill likes to toot his own horn.
I’ve got a question for him. Instead of you waiting for someone to come tell us there is a problem...
Why don’t you with your all knowing view let “ the people “ know what’s coming.....
Your opportunity to be a Patriot and not a Pinhead
ping
So Killinger makes about half what Obama’s campaign manager made during the same time period from Fannie Mae, and Killinger is the bad guy?
Sounds like a story the MSM presstitutes will buy and peddle.
This guy?
WaMu had no trouble buying Chris Dodd.
He got more money than any other pol.
Underwriters had to have a darn good reason for rejecting loans.
Loan Officers were often accused of racism when the L.O. had no say on whether or not the loan was approved. However, it was their job to look at the applicantion and make the decision not to proceed. And it got where they were afraid to do their job.
By 2006 anyone could get a mortgage no matter what their race or immigration status. The only requirement was that they be breathing.
Let’s see Bill answer that one.
Not to be argumentative, but do you really think it was 2006 before that climate found it’s way into the underwriter’s psyche? I’m thinking it had to be pretty well ensconced there by the mid to late 90s. If not Reno would have made their lives a living hell.
BTW, what would have been a good reason, if Reno was saying you make the loans or else?
Not trying to give you a hard time here...
Author Tom Wolfe wrote about the amoral wacked out liberal elitist college brats that become “investment bankers” like this Killinger creep in his superb novel “I Am Charlotte Simmons”
Now then who right now is holding a gun to their head? Darn it my dog right now can probably get ample credit because banks and lenders don't care. Sure congress started the mess but lenders and credit companies will give credit to anyone. That is THEIR fault especially when they advertise it. It's called Greed and there's plenty of blame both in congress and in the lenders as well. None of them are faultless in it.
I haven't seen this mentioned but I think one of the very reasons Lenders got so reckless and stupid was because of the overhaul of the bankruptcy laws. The same laws that makes it now impossible to be freed from debit acquired or caused by actions beyond ones control of which they can never payback. IOW they felt their return was gauranteed by law. Nothing in this world is gauranteed us but death.
I’m not sure who that loan is supposed to help, but with property values dropping, it will be hard for most people who need a loan to meet the 80% loan to property value requirement. The 720 point score well also be a deal breaker for folks truly in trouble.
The bankruptcy laws may play into this. I still say the government has not stricken down the improper loan practices to this point. And the Democrats are doing their damnedest to keep them available.
As long as that is true, this problem isn’t going away.
That’s why I say this must be a ‘take out the Democrats’ event or this is all for nothing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.