Former WaMu CEO Blames Wall Street 'Club'
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Former WaMu CEO Blames Wall Street 'Club'Former WaMu CEO Blames Wall Street 'Club'Former Washington Mutual Inc. Chief Executive Kerry Killinger scoffed at lawmakers who blamed him for the largest bank failure in U.S. history,#x accusing regulators of helping only financial institutions deemed "too clubby to fail."Health foodThe 60-year-old Mr. Killinger's defiant, two-hour testimony at Tuesday's hearing by the Senate Permanent Subcommittee on Investigations was marked by confrontations with lawmakers who claimed he repeatedly ignored warnings that the overinflated real-estate bubble was about to burst. But the former CEO held his ground, insisting the Seattle thrift's seizure in September 2008 could have been avoided if regulators had offered the same help given to other battered banks, including capital infusions."For those that were part of the inner circle and were 'too clubby to fail,' the benefits were obvious," Mr. Killinger said. "For those outside the club, the penalty was severe." A spokesman at the Office of Thrift Supervision, the federal agency that seized Washington Mutual,Health fooddeclined to comment on Mr. Killinger's testimony.Mr. Killinger's comments were a contrast to the low profile he has kept since the collapse. He shuttles between homes in Palm Desert, Calif., and a gated community in Seattle,#x and has avoided public events and new business ventures, according to people familiar with the situation.He was forced to break his silence by the Democratic-led Senate subcommittee, which is trying to build momentum for pending financial-overhaul legislation. Democrats also are eager to show they are dealing forcefully with financial wrongdoing at banks and securities firms. In another sign of the get-tough posture toward icons of the financial crisis,DVD Ripper, former Lehman Brothers Holdings Inc. Chairman and CEO Richard Fuld Jr. is scheduled to testify next week before the House Financial Services Committee.The Senate panel's findings about Washington Mutual could aid continuing investigations that include a criminal probe of the thrift's collapse led by the U.S. Attorney's Office in Seattle.Health foodOn Tuesday, lawmakers cited evidence Mr. Killinger and other Washington Mutual executives tolerated fraudulent lending, knowingly dumped problem loans on investors and did too little,#x too late to stem problems once they threatened to sink the thrift.相关的主题文章：
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