Let’s Rethink Bailing Out Mortgage Mess Banks

…whose only interest in ‘the bottom line’ starts at the top.

Around the country, Washington Mutual (WM, news, msgs) regularly plays the tough guy with homeowners who fall behind on mortgages. This as foreclosure filings overall rose 60% nationwide in February.
And its involvement in the subprime mess has been tough on stockholders. Since last summer, the company’s shares have lost nearly 80% of their value.
…After CEO Kerry Killinger and other top executives missed all or a big part of their bonus pay last year, Washington Mutual wasted little time taking steps to apparently make sure it won’t happen again — even if the mortgage market and the company remain in the tank.
The board decided in February to use different performance yardsticks that could make it look like Killinger and other top executives were doing great jobs — and all but ensure them millions of dollars in bonuses for 2008.
Those huge losses piling up because of subprime loans and foreclosures?

At bonus time, the bank will ignore them.

DAMN!

It’s great work if you can get it. Where do I sign?

categories Biz | | datetime May 30, 2008 4:34 pm

3 Responses to “Let’s Rethink Bailing Out Mortgage Mess Banks”

  1. The_Real_JeffS says:
    May 30, 2008 at 8:21 pm

    If you don’t get hired, I’ll point you at similar jobs here, Sis, although not quite as lucrative. Only problem is, the chairs are occupied, and you’ll have to arrange a vacancy, if you get my drift.

  2. Crusader says:
    June 1, 2008 at 9:17 pm

    Hehe, gawd I love working for a bank………

  3. tree hugging sister says:
    June 2, 2008 at 12:20 am

    You just wish you could love it MORE…

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