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NEW The Lost Bank Á Kirsten Grind


10 thoughts on “NEW The Lost Bank Á Kirsten Grind

  1. says: Kirsten Grind Ü 9 Read & Download Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind NEW The Lost Bank Á Kirsten Grind

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind Amazing how arrogant these people were

  2. says: NEW The Lost Bank Á Kirsten Grind

    NEW The Lost Bank Á Kirsten Grind Being a ten year veteran of WaMu and having spoken with many people in many different parts of the bank since it's failure having followed much of what has been written about the events and my own experiences I have to say that this book tra

  3. says: NEW The Lost Bank Á Kirsten Grind

    Summary The Lost Bank NEW The Lost Bank Á Kirsten Grind Back about 2007 I started using Washington Mutual as my main bank That was because it was located across the parking lot f

  4. says: NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download

    NEW The Lost Bank Á Kirsten Grind Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind Kirsten Grind Ü 9 Read & Download Mrs Grind was originally on the right track with her research back in the ealy days of the WAMU saga but somewhere along the way sh

  5. says: Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind Kirsten Grind Ü 9 Read & Download NEW The Lost Bank Á Kirsten Grind

    Kirsten Grind Ü 9 Read & Download Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind NEW The Lost Bank Á Kirsten Grind Often when there is a complex news story that arrives in bits and pieces and is difficult to understand I say that I will wait for the book to come out This book may not be THE book about the financial crisisrecession that

  6. says: NEW The Lost Bank Á Kirsten Grind Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind Summary The Lost Bank

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Tragic tale particularly when you knew the players Great insight to what was going on behind the scenes in Washington but so sad see all the components that led to the dominos falling and the downfall of a great company

  7. says: Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind NEW The Lost Bank Á Kirsten Grind

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Summary The Lost Bank Washington Mutual was the biggest bank failure in the US With 3600 branches and 43000 employees spread across the nation US 128 billions in deposits and assets of US 310 billions there just was no reason why the bank should not have been bai

  8. says: NEW The Lost Bank Á Kirsten Grind Summary The Lost Bank

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Summary The Lost Bank This book is not for everyone but was extremely interesting to me because for eight years I worked for one of Washington Mutual's sub

  9. says: NEW The Lost Bank Á Kirsten Grind Summary The Lost Bank

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Summary The Lost Bank A thorough history of a preventable financial tragedy In my opinion it's a classic case of a sleepy board of directors who had little to no working knowledge about operating a large savings bank The board of WaMu should have reigned in a beguiling CEO long before the FDIC seized the failing institution The makeup of the WaMu board was that of a typical Puget Sound oversight operation cozy patricians from other Seattle based companies who

  10. says: NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind

    NEW The Lost Bank Á Kirsten Grind Kirsten Grind Ü 9 Read & Download Good book I always love to hear the inside stories of these colossal business failures After reading the book it seems pre

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Summary The Lost Bank

Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind The Lost Bank Summary ä 109 Kirsten Grind Ü 9 Read & Download List for the Pulitzer Prize and the Gerald Loeb Award She takes readers into boardrooms and bedrooms revealing the power struggles that pitted regulators at the Office of Thrift Supervision and the FDIC against one another and the predatory negotiations of investment bankers and lawyers who enriched themselves during the bank’s rise and then devoured the decimated bank in its final days Written as compellingly as the finest fiction The Lost Bank makes it clear that the collapse of Washington Mutual was not just the largest bank failure in American history It is a story of talismanic ualities reflecting the incredible rise and the precipitous collapse of not only an institution but of trust fortunes and the marketplaces for risk across the wor. A thorough history of a preventable financial tragedy In my opinion it s a classic case of a sleepy board of directors who had little to no working knowledge about operating a large savings bank The board of WaMu should have reigned in a beguiling CEO long before the FDIC seized the failing institution The makeup of the WaMu board was that of a typical Puget Sound oversight operation cozy patricians from other Seattle based companies who collected their director s fees and did nothing to stop the approaching wreck Full disclosure for several decades we were Seattle area residents who banked exclusively at WaMu until 2001 Several of our former homes were financed by the bank Thankfully we never were lured into buying the stock

Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind

The Lost Bank

Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind The Lost Bank Summary ä 109 Kirsten Grind Ü 9 Read & Download Based on reporting for which the author was named a finalist for the Pulitzer Prize and the Gerald Loeb Award this book traces the rise and spectacular fall of Washington MutualDuring the most dizzying days of the financial crisis Washington Mutual a bank with hundreds of billions of dollars in its coffers suffered a crippling bank run The story of its final brutal collapse in the autumn of 2008 and its controversial sale to JPMorgan Chase is an astonishing account of how one bank lost itself to greed and mismanagement and how the entire financial industry and even the entire country lost its way as well Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events tracing the cultural shifts the cockamamie financial en. Back about 2007 I started using Washington Mutual as my main bank That was because it was located across the parking lot from my workplace and paid out the highest interest on savings accounts of any bank I knew of A year later it went bust I was wholly unaffected thanks to the uick work of regulators to effect an immediate sale of WaMu to JP Morgan Chase So I was interested to discover this account of the WaMu collapse to learn the details all these years laterThe core of WaMu s problem was in issuing an overly complex type of home loan during the 2000s called an Option ARM and promoting them to people who were poor credit risks and who were too unsophisticated to understand what they were getting themselves into These Option ARMs became a priority for WaMu because they were profitable than traditional fixed rate mortgages More profitable for WaMu when it still held the loans profitable to securitize and sell them to Wall Street and profitable for the world s bond investors when rolled into a securitized bond More profitable for everyone until the borrowers began defaulting en masseThe option part of such a loan meant that the customer could choose from various levels of monthly payment each month Naturally many customers would choose the lowest amount they were allowed to pay but that would not even cover the interest charge so the interest would add to the principle and the balance would only increase instead of decrease over time In this way Option ARM s became reverse amortization loans for many peopleThen when the adjustable rate part of the ARM kicked in the loan would reset and the option of paying a very low monthly payment often ended Combined with declining home prices starting about 2006 the result was that many low credit rating borrowers found themselves with monthly payments they could not afford and with home loans that were now increasingly underwater without the benefit of increasing home euity to save their bacon Walking away from the loan becomes a rational option Meanwhile companies such as WaMu found the usual drug of securitizing these crap loans and selling them to Fannie Mae Freddy Mac and Wall Street investors suddenly was disappearing as an option because of deteriorating conditions and because as securitized bonds these were often proving to be poor performers So WaMu was stuck with these loans it was creating as 2008 progressed Interestingly per the chronology even as late as summer 2008 it was not clear there was any real disaster in store Shareholders were angry that WaMu had just reported a uarterly loss and had just issued shares in a big capital raise that diluted ownership and had also cut the dividend almost to zero A turnaround was needed but it wasn t obvious that anything fatal was going on Things came to a head during the two weeks in mid September 2008 This was when things got scary Starting on a Monday Lehman collapsed and the government refused to rescue it Then Merrill Lynch had to be taken over by Bank of America AIG almost failed and was only rescued because the government had gotten spooked by what happened when it didn t rescue Lehman a few days before As all this unfolded a bank run commenced on WaMu At this part of the book the narrative becomes uite a thriller WaMu and its new CEO multiple other big banks and multiple regulators went into non stop meetings and negotiations trying to sort out what to do even as Congress and the Bush Administration were dealing with the threat of broader economic collapse With each passing day the bank run depleted WaMu s liuidity even further towards doom Could WaMu sell itself off before collapsing thus getting something for shareholders Or would potential buyers just wait for its collapse so as to wipe out shareholders and get WaMu extra cheap from a government seizureWell The latter as I found out Though WaMu still had some liuidity left the FDIC decided the jig was up and not even waiting for the customary Friday took over WaMu on Thursday Sep 25 immediately selling it to JP Morgan Chase I can recall by Monday the Chase sign was being erected at my branch By moving in and not waiting for an actual collapse the FDIC did indeed protect all the customers like myself without even having to tap into the deposit insurance fund The losers were the shareholders and there were plenty of sob stories from all the widows and orphans who owned WaMu stock but who had failed to properly diversify their portfolios A fundamental and fatal problem for WaMu was that its Board of Directors was weak and incompetent and badly failed to protect shareholders so this is a fine lesson in corporate governance The long time CEO Kerry Killinger seems not to have been malicious or crooked or a sociopath as one might expect in such a story Seemed like a pretty nice and well meaning guy Sure he divorced his first wife and remarried But instead of a hot young trophy wife he married a woman older than himself But he was Peter Principled for a bank the scale and complexity that WaMu became and he was out of his depth Yet the one thing he did manage to do was control the ineffective Board of which he was Chairman to the detriment of WaMu shareholders a good argument that on Corporate Boards no one should be Chairman and CEO Finally in the 11th hour Killinger was fired and a turnaround artist was brought in One gets the impression the new CEO could have saved the day if he d had time but it was just too late As is clear from this overlong review this was a very educational book I ve never highlighted so many Kindle passages in a book before It was a very interesting peak into the Global Financial Crises from the ground level It all happened mostly because of banks like WaMu making dumb loans to unualified people who d soon enough default And THAT happened for multiple reasons partly because the government was pressuring banks to make those loans to exactly those people per the Community Lending concept partly because everyone became complacent in an era of unstoppable increases in home values but also because such community lending turned out to be profitable for all concerned right up until it very much wasn t

Kirsten Grind Ü 9 Read & Download

Read & Download ´ E-book, or Kindle E-pub Ü Kirsten Grind The Lost Bank Summary ä 109 Kirsten Grind Ü 9 Read & Download Gineering and the hubris and avarice that made this incredible story possible The men and women who become the central players in this tragedy the regulators and the bankers the home buyers and the lenders the number crunchers and the shareholders are heroes and villains perpetrators and victims often switching roles with one another as the drama unfolds As a reporter at the time for the Puget Sound Business Journal Grind covered a story set far from the epicenters of finance and media It happened largely in places such as the suburban homes of central California and the office buildings of Seattle but Grind covered the story from the beginning and the clarity and persistence of her reporting earned her many awards including being named a fina. Mrs Grind was originally on the right track with her research back in the ealy days of the WAMU saga but somewhere along the way she forgot to include all the juicy bits of the story ie corporate espionage and corrupt collusion between Jamie Dimon and Sheila Bair leading up to the takedown of WAMU by the FDIC and subseuent overnight firesale single bidder auction of WAMU assets to JPM for fractions of a penny on the dollar Washington Mutual was a solivent bank at the time it was taken down and Washington needed a fall guy mainstreet bank to bite the dust in order to unleash TARP Conveniently Jamie Dimon needed to expand Chase s branches to the west coast via Project West in addition to addressing JPMs own troubled balance sheet at the time Jump forward to present date and watch as assets are slowly rolled out of obscure places to be reflected on JPM s balance sheet like the recent 30 billion value discovered in the apartment loans that were part of WAMU s portfolio Tens if not hundreds of billions to be discovered that were taken from WAMU shareholders in an ongoing story of fraud and corruption of the highest order Wait watch and see This book is only a preface to the complete story that is still unfolding

  • Hardcover
  • 400
  • The Lost Bank
  • Kirsten Grind
  • English
  • 11 October 2018
  • 9781451617924