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<<Very pathetic. I sold WM at around $40 because they were smelling more and more like CountryWide. I suspected WM had problems but I didn't guess it was as bad as it was. It seems the entire organization was a boiler-room operation. Simple greed and a complete lack of oversight will get you every time. Hopefully our new government will outlaw Option ARM's and stand over lenders with a baseball bat in the future.

Why should the government prohibit some kinds of loans? Just letting WAMU go bust was the right thing to do ---- and I did NOT sell off my stock.

The article argues for better methods to hold CEOs and Boards of Directors accountable for making reasonable decisions, perhaps, although I'm not quite sure how to get the needed transparency there.

Seattle Pioneer
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