Credit Writedowns » Washington Mutual http://www.creditwritedowns.com Finance, Economics and Markets Wed, 23 May 2012 16:15:53 +0000 en hourly 1 The FHFA Complaints and Control Fraud http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html#comments Wed, 07 Sep 2011 19:30:41 +0000 William Black http://www.creditwritedowns.com/?p=32175 The FHFA complaints lose explanatory power and persuasiveness because they ignore compensation and accounting. It pays to understand accounting control fraud

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Related Posts ]]> http://www.creditwritedowns.com/2011/09/fhfa-complaints-and-control-fraud.html/feed/ 2 Why you won’t hear me using the word bankster http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html#comments Mon, 26 Oct 2009 17:39:57 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html In the months since I began this website, I have had some fairly harsh things to say about economic policy in the U.S., the U.K. and elsewhere. I have consistently condemned what I think is a captured government promoting an unstable financial system and a bloated financial sector. But, I have made a conscious effort

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Related Posts No related posts. ]]> http://www.creditwritedowns.com/2009/10/why-you-wont-hear-me-using-the-word-bankster.html/feed/ 12 WaMu: Mr. Smith goes to Washington and turns predatory http://www.creditwritedowns.com/2009/10/wamu-mr-smith-goes-to-washington-and-turns-predatory.html http://www.creditwritedowns.com/2009/10/wamu-mr-smith-goes-to-washington-and-turns-predatory.html#comments Mon, 26 Oct 2009 12:10:02 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/wamu-mr-smith-goes-to-washington-and-turns-predatory.html Remember the iconic Depression-era movie “Mr. Smith Goes to Washington, in which Jimmy Stewart plays the wholesome young man in Washington out to do good? Well, Mr. Smith could just as easily have been your friendly banker at Washington Mutual. Unfortunately, Mr. Smith lost his way and turned predatory lender – and that’s the subject

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Related Posts No related posts. ]]> http://www.creditwritedowns.com/2009/10/wamu-mr-smith-goes-to-washington-and-turns-predatory.html/feed/ 2 Anecdotes on reckless lending at WaMu from the Seattle Times http://www.creditwritedowns.com/2009/10/anecdotes-on-reckless-lending-at-wamu-from-the-seattle-times.html http://www.creditwritedowns.com/2009/10/anecdotes-on-reckless-lending-at-wamu-from-the-seattle-times.html#comments Sun, 25 Oct 2009 20:18:51 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/anecdotes-on-reckless-lending-at-wamu-from-the-seattle-times.html The Seattle Times has a must-read piece on Washington Mutual today which reveals a lot of the fine detail on how the company was run and what led to its demise (hat tip calculated Risk). As with many of the other busted financial giants like Northern Rock and Lehman Brothers, indications that something was amiss

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Related Posts ]]> http://www.creditwritedowns.com/2009/10/anecdotes-on-reckless-lending-at-wamu-from-the-seattle-times.html/feed/ 0 Quote of the day: “Jamie is always hanging around the hoop” http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html#comments Mon, 05 Oct 2009 17:38:20 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html In a 9-page Vanity Fair article “Wall Street’s Near-Death Experience,”giving us a sneak peek into the lives of bankers during the global meltdown last Autumn a hilarious quote of great significance was buried. At issue was the near-death experience that Lehman’s demise caused for Morgan Stanley and Goldman Sachs. After receiving a mysterious call from

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Related Posts ]]> http://www.creditwritedowns.com/2009/10/quote-of-the-day-jamie-is-always-hanging-around-the-hoop.html/feed/ 0 JPMorgan’s $29 Billion windfall http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html#comments Tue, 26 May 2009 14:00:21 +0000 Edward Harrison http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html The following Bloomberg article points out why I have repeatedly argued that banks will be earning a lot of money, Meredith Whitney’s counter-arguments notwithstanding. It also points out why the likes of John Hempton believe that the FDIC ‘stole’ Washington Mutual from shareholders and awarded it to JPMorgan, a view I have not supported (hat

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Related Posts ]]> http://www.creditwritedowns.com/2009/05/jpmorgans-29-billion-windfall.html/feed/ 6 Lehman’s gone, WaMu’s toast, who’s next? http://www.creditwritedowns.com/2008/09/lehmans-gone-wamus-toast-whos-next.html http://www.creditwritedowns.com/2008/09/lehmans-gone-wamus-toast-whos-next.html#comments Fri, 26 Sep 2008 12:51:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/lehmans-gone-wamus-toast-whos-next.html Judging from today’s open on Wall Street, it looks like that’s the question people are asking. Wachovia and NCC are the two companies under the heaviest selling pressure, both down about 20% already at 9:45. Remember that National City is under OCC scrutiny. That is the sort of problem that led to massive deposit withdrawals

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Related Posts No related posts. ]]> http://www.creditwritedowns.com/2008/09/lehmans-gone-wamus-toast-whos-next.html/feed/ 0 JP Morgan Chase buys WaMu out http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html#comments Fri, 26 Sep 2008 00:42:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet. Note: I originally heard this story just before 9PM ET and Yves Smith at naked capitalism has her take on the news. Obviously, this

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Related Posts ]]> http://www.creditwritedowns.com/2008/09/jp-morgan-chase-buys-wamu-out.html/feed/ 3 Consolidation through merger over bankruptcy http://www.creditwritedowns.com/2008/09/consolidation-through-merger-over.html http://www.creditwritedowns.com/2008/09/consolidation-through-merger-over.html#comments Wed, 17 Sep 2008 11:07:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/consolidation-through-merger-over-bankruptcy.html As we plan for another day in financial turmoil, I have to admit to preferring financial services industry consolidation through merger to bankruptcy. I was just reading FT Alphaville‘s post on a proposed Lloyds TSB takeover of HBOS (the UK equivalent of a JP Morgan Chase takeover of Washington Mutual) and I thought, “what a

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Related Posts ]]> http://www.creditwritedowns.com/2008/09/consolidation-through-merger-over.html/feed/ 0 AIG down; Lehman and WaMu looking to be sold http://www.creditwritedowns.com/2008/09/aig-down-lehman-and-wamu-looking-to-be.html http://www.creditwritedowns.com/2008/09/aig-down-lehman-and-wamu-looking-to-be.html#comments Fri, 12 Sep 2008 20:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/aig-down-lehman-and-wamu-looking-to-be-sold.html The world of financial services in not looking terribly stable in the wake of the Frannie nationalization. In fact, things are as jumbled as they have ever been. The latest news has AIG down 30% and both WaMu and Lehman brothers on the auction block. Given the pace of the news cycle these past few

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