Former Washington Mutual Execs Appear Before Congress

Former Washington Mutual Inc. Chief Executive Kerry Killinger has defended the bank’s actions to reduce its risks. Killinger blamed federal regulators and Wall Street culture for the bank’s downfall.

According to The Wall Street Journal, the former executive said that firms “too clubby to fail” were protected during the financial crisis. Washington Mutual Inc. was the biggest US bank ever to fail. The bank was ultimately seized by the government in September 2008.

Killinger said in a testimony, “The bank should have been given a chance to work its way through the crisis." However, two former chief risk officers of the failed bank said they had to face resistance from top management when they tried to curb risky lending practices. Former Washington Mutual executives are appearing before Congress to provide testimony.

Killinger's 5 year take before his shareholders were wiped out?

IN EXCESS OF $100 MILLION!!!

OUTRAGEOUS!