WaMu Execs Reckless Lending Exposed

October 14, 2008

Great story on ABC’s Nightline.  An interview with WaMu’s former Vice President of Risk Management exposes an atmosphere of greed and gluttony and shows how warnings to reign it in were ignored in favor of outrageous executive compensation.   Check it out:

Warnings, Encouraged Reckless Lending

Ex-Washington Mutual Risk Manager: Execs ‘Took the Brakes Off and Drove Over a Cliff’

By PIERRE THOMAS and LAUREN PEARLE
Oct. 13, 2008

With Americans reeling from a global financial crisis, dozens of former Washington Mutual insiders have come forward to expose what they claim were calamitous executive decisions that led to the biggest bank failure in U.S. history.