More criminals are being named in Senator Carl Levin's report on the causes of the 2008 financial crisis. According to the report - executives at the bank Washington Mutual were feverishly re-selling exploding mortgages to their clients - even though they knew they were completely worthless. In a 2005 memo - Washington Mutual CEO Kerry Killinger told an executive, "I have never seen such a high-risk housing market...this typically signifies a bubble."
Yet Killinger turned around and told the Board of Directors that the bank should still hustle that junk to their investors. What's worse is that the Office of Thrift Supervision - a government agency in charge of making sure banks like Washington Mutual weren't screwing with the markets - knew exactly what was going on - they cited over 500 problems at the banks - yet failed to do a thing. Washington Mutual eventually imploded in 2008 - the largest bank failure ever in the United States - taking with it these so-called investments - and the retirement pensions of many of their clients that were invested in them. Soooo - how many Washington Mutual executives are in jail? Zero! And what about an improvement in the regulatory system?
Republicans are trying to completely defund it! Have they all been taken over by the pigeon robots from the planet Zenu?
-Thom
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