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FDIC Files Scorching Complaint Against Top Executives at WAMU

By Implode-Explode Heavy Industries

"The Federal Deposit Insurance Corp. says three Washington Mutual executives who earned more than $95 million took "extreme and historically unprecedented risks" and caused the bank to lose "billions of dollars." The bank's top officers "focused on short term gains to increase their own compensation, with reckless disregard for WaMu's longer term safety and soundness," the FDIC says, as receiver for the failed bank."

Full post as published by Mortgage Lender Implode-o-Meter on March 18, 2011 (boomark / email).