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Watch The Washington Mutual Grilling Live And Commercial Free
The hearing by the Permanent Subcommittee on Investigations is starting its grilling of WaMu executives on "The Role of High Risk Home Loans." Watch the hearing live and commercial free here.
Below are the scheduled appearances and testimonies. The full 666 page exhibit list can be found here.
Witnesses
Panel 1
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JAMES VANASEK
Former Chief Risk Officer (2004-2005)
Washington Mutual Bank -
RONALD CATHCART
Former Chief Risk Officer (2006-2008)
Washington Mutual Bank -
RANDY MELBY
Former General Auditor
Washington Mutual Bank
Panel 2
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DAVID SCHNEIDER
Former President of Home Loans
Washington Mutual Bank -
DAVID BECK
Former Division Head of Capital Markets
Washington Mutual Bank
Panel 3
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STEPHEN ROTELLA
Former President & Chief Operating Officer
Washington Mutual Bank -
KERRY KILLINGER
Former President, CEO, and Chairman of the Board
Washington Mutual Ban
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i was just reading this (from 2008):
http://seattletimes.nwsource.com/html/businesstechnology/2008342942_wamu...
things are moving quickly.
Unless someone gets arrested I could care less.
Unless a whole lot of people go to jail, give back all the money they confiscated, and pay a monumental fine, I could care less.
Joe Cassano is off the hook and since he brought down the whole world, it is unlikely the lesser perps will do more than have to testify.
These hearings are the equivalent of a making them stand in the corner as the penaltyfor an 8 year history of mutiple serial murders.
"Grilling"? More like toasting marshmallows.
Wedidntknowwedidntseethiscomingthisisanoutragetaxpayersmoneyblahblahblahokaythankyougoodbye.
Yep, They are not doing crap, the only way you keep the system going is to start leveraging up.
Everyone is pointing fingers but 7 billion people caused this, and you haven't even seen the trouble yet.... in due time.
you forgot.....thankyougoodbyeivegottacatchmyprivateplanebubbye
thedogandponyshowisoverivegotacampaignfundraisingeventtogetto
666 pages? How appropriate.
Someone has a sense of humor. Or worse.
Waste of time!
These investigations are a circa to ease the American Peasant.
Prove me wrong when we wave the heads of the world largest fraud in history in jail, including those in the .gov
If you put everyone in jail that caused this mess you wouldn't have anyone left to lock the door. You would have to put 7 billion in jail for using a fraud equation.
It's been a pyramid scheme since the beginning, why is everyone upset now?
You are right, this is futile, nothing will be won.
The US lemmings will try to change direction too late. The lemming master has a scape plan, the rest will fall off the cliff, and even in the air their small minds will think their leader made them "Fly".
The current Lemmings are not only going to fall off the cliff they have been march to their doom for 60+ years.... they still think there another exit other than a deep flaming pit.
There is no exit... into the pit they will go.
Tomorrow at 11:00 AM the President of the Federal Reserve Bank of Richmond is speaking at West Virginia University and taking the students "tough" questions.
I, as a student at WVU and religious reader of Zerohedge, would like to ask the Zerohedge community for a list of "tough" questions for Mr. Jeffery Lacker.
Any and all questions would be greatly appreciated.
Thanks ahead of time. Let's come up with some good stuff.
does he think that the youth of the USA will make an effort to "turn around" the country?
Simple.
Is the current financial system based on the return of capital based on compounding interest?
Answer: Well, it should be yes.
Is a financial system based on humans producing exponential growth sustainable long-term?
Answer: Boy, I don't know... never really thought about that... what is your question again.
Do humans have unlimited power to supply exponential growth to the equation?
Answer: Next question please.
Just do like the Chinese students and laugh at the (in)appropriate times...
Steve Keen's post: "The Economic Case against Bernanke"
remains in my memory
http://www.nakedcapitalism.com/2010/01/steve-keen-the-economic-case-agai...
Market starts to tank and GS & Co. immediately shoot skyward. All is well in LaLa Land.
does he think young people should continue to fund social security and other entitlement programs even though they will probably never ever actually see a dime in benefits in their lifetimes?
Wake me when there are actual perpwalks.
I predict a nice round number of these: 0.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXYYfVql3C4s&pos=4
“For those that were part of the inner circle and were ‘too clubby to fail,’ the benefits were obvious,” Killinger, 60, said. “For those outside the club, the penalty was severe.”
The blatant fraud that is being described is mind-boggling. Wonder who will be made the fall guys so that the real perpetrators can get off scott free.
We should need Guantanamo II to house all of those who are guilty of the fraud perpetrated on the people of the United States. Sadly, reality will most likely dictate a cell the size of that found in Mayberry and guarded by Barney Fife.
How about asking a few simple, basic questions like:
The Fed "targets" inflation at 2% annually. At that rate, the dollar loses half its purchasing power every generation (32.5 years.) How is that beneficial to American workers? Who does benefit? Why is 2% inflation preferable to 0% or 5%? Please demonstrate graphically the effect of 2% inflation over time. OR
How has the calculation of the rate of inflation changed over the last several decades and why has the Fed felt it necessary to make those changes? OR
How does the substitution of Owner's Equivalent Rent for the cost of home "ownership" in the calculation of the inflation rate impact that calculation, and why is it valid when over 60% of the population are NOT renters? OR
ZIRP at the Fed penalizes savers and encourages debt. What benefit does the Fed feel is derived by the American population by this policy?
I dunno,
I have a 'mild' interest in how this goes down.
I know for a fact that WaMu did put pressure on appraisers to up their values. If you didn't comply, you were knocked off the list.
That crap managed to really screw up my life.
One appraiser did sue WaMu directly, but the f*@kers settled out of court. Meanwhile, I did have a couple of treasury guys show up to my door asking questions about [them].
This particular hunt may yield high level people as they (WaMu) are not really part of 'the club'. And even though it is after the fact, it will be good for some of them to sweat (if that does happen).
I dunno,
I have a 'mild' interest in how this goes down.
I know for a fact that WaMu did put pressure on appraisers to up their values. If you didn't comply, you were knocked off the list.
That crap managed to really screw up my life.
One appraiser did sue WaMu directly, but the f*@kers settled out of court. Meanwhile, I did have a couple of treasury guys show up to my door asking questions about [them].
This particular hunt may yield high level people as they (WaMu) are not really part of 'the club'. And even though it is after the fact, it will be good for some of them to sweat (if that does happen).
I used to have checking and savings accounts at WaMu. Every month, like true schmucks, they transferred $25 from my checking account to my savings account. It used to drive me nuts.
Fearing that they were going bust, I started withdrawing money from my accounts there. Well, when it came time for their monthly moronic $25 transfer, they created an overdraft
and charged me a $3 fee.
I finally decided to close my accounts at WaMu, and I argued with them about the fee.
They insisted that I could have told them to discontinue doing the monthly $25 transfer.
I had indeed requested that they stop the practice, but they had refused.
The best moment came when the account rep asked me why I was closing my account.
I said, "Your bank is bankrupt." The rep didn't say a word. One month later, WaMu was
seized by the FDIC.
This is such crap....our tax dollars wasted on this sheeple theatrics...end game, people are homeless and bankrupt and these sob's have all the money!
I have a million stories - my wife was a wholesale mortgage account rep. at WAMU - top producer. We went to all of the live naked human statue parties, etc. One gem - she spent three days at a company seminar that focused on all the great benefits of "OPTION ARM's". The company really wanted their people out there, encouriging retail brokers to offer these loans, in lieu of fixed rates. Benefit #1 - "Your clients can qualify for so much more house!"
Instead of a hearing they should be having a trial. They are obviously guilty of fraud on so many levels.
I agree. The problem with the current process is that the questioners have no credibility. Frankly, their indignation is difficult to stomach...
I couldn't even watch half of it, and we pay these hypocriticians. De Ja Vue
I wonder how long Killinger would put up with an executive who gave the kind of responses he is now giving.
Consummate weasel.