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Essay / Research Paper Abstract
This 6 page paper discusses two specific issues. The first is a report and discussion of what happened to cause the collapse of Washington Mutual Bank. There were many causes dating back more than a decade. The second topic is recommendations from the Committee of Sponsoring Organizations of the Treadway Commission with comments related to how WaMu ignored this report. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PGwamu9.rtf
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chase for just under $2 billion (Dash and Sorkin, 2008). The governments purpose was to rescue consumers who were dealing with this bank (Dash and Sorkin, 2008). This was the
largest bank failure in history. This was the largest savings and loan bank in the country and it was their mortgages and credit card holdings that led directly to their
downfall (Dash and Sorkin, 2008). This transaction took place as the Congress had reached a stalemate about the $700 billion bailout proposal (Dash and Sorkin, 2008). Banks and companies do
not just fail overnight. It takes years of bad decisions for a company the size of Washington Mutual (WaMu) to fail. Grind (2009) reports that in 2001, WaMus chief executive
officer Kerry Killinger was basically riding high, in fact, a number of financial magazines and newspapers called him the banker of the year (Grind, 2009). He was known in the
industry as the expert on acquisitions and with the profits growing exponentially, he was also the darling to shareholders (Grind, 2009). Killinger had increased assets from $6.6 billion to $220
billion in just ten years (Grind, 2009). He bragged about how good they were going so far as to say that WaMu was a company that just did not make
mistakes (Grind, 2009). But, even by 2001, Killinger had created fractures in the structure and in the operations that would lead to total breaks. This was odd considering Killingers Midwestern
upbringing and his reputation for learning quickly and working hard (Grind, 2009). The first great mistake was changing the organizational structure so that not all upper-level executives did not report
directly to him (Grind, 2009). That change eliminated the checks and balances that had been present in the bank since its inception more than 100 years earlier (Grind, 2009).
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