[psjones]

Wamu turned out not to be such a good bank, they got bought out because they could no longer survive on their own.

[JayNorth]

Wamu turned out not to be such a good bank, they got bought out because they could no longer survive on their own.

I fundamentally disagree with you. This whole thing where banks with billions in assets were taken over by a competitor in the middle of the night stinks to high heaven. I bet we will be reading about the details of these scams in a few years when the dust settles.

Am I denying that WaMu made errors and did a lot of silly mortgages? No, I am not. What I am saying is these midnight takeovers were quite clearly orchestrated to benefit a very few, well connected people who just as clearly kicked back a lot of their ill-gotten gain to the politicos who made it happen.