The Federal Deposit Insurance Corp. is preparing to settle with three former executives who ran Washington Mutual, the biggest bank failure in U.S. history, for the return of $64 million worth of golden parachutes, bonuses and retirement funds.
This amount is essentially meaningless...
The FDIC was originally seeking a $900 million settlement when it sued the three WaMu executives for managing the bank negligently and hiding assets from their creditors. They are accused of destroying the massive bank through an expansion of risky loans.I was once with WaMu; I'm now with Chase, and would only leave Chase for a bank of comparable size. I dislike little banks as much as I dislike microcredit. I'm a Marxist. I believe in the social benefits of big institutions—big government, big industry, big banks, big cities. We must not retreat to puny institutions but demand that the socialism that makes big institutions possible not be privatized from crust to core.
