The Lost Bank

The Lost Bank

Streaming Audiobook - 2012
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During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement and how the entire financial industry?and even the entire country?lost its way as well. Kirsten Grind's The Lost Bank is a magisterial and gripping account of these events, tracing the cultural shifts, the cockamamie financial engineering, and the hubris and avarice that made this incredible story possible. The men and women who become the central players in this tragedy?the regulators and the bankers, the home buyers and the lenders, the number crunchers and the shareholders?are heroes and villains, perpetrators and victims, often switching roles with one another as the drama unfolds. Written as compellingly as the finest fiction, The Lost Bank makes it clear that the collapse of Washington Mutual was not just the largest bank failure in American history. It is a story of talismanic qualities, reflecting the incredible rise and the precipitous collapse of not only an institution but of trust, fortunes, and the marketplaces for risk across the world.
Publisher: [United States] : Blackstone Audio, Inc. : Made available through hoopla, 2012
Edition: Unabridged
ISBN: 9781470825652
1470825651
Branch Call Number: eAudiobook hoopla
DOWNLOADABLE AUDIOBOOK
Characteristics: 1 online resource (1 audio file (14hr., 08 min.)) : digital
Additional Contributors: Burns, Traber
hoopla digital

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p
pineforest
Nov 18, 2015

Lost Bank is a repeated story of how savage capitalism and corporations end up eating its own children and eventually committing seppuku.

The book displayed many details--at times too difficult to follow unless you know the industry lingo, but essentially the story retells WAMU's meltdown chronology as "Wamulian" decision makers such as top boss Kerry Killinger, Chief Operating Officer Stephen Rotella and David Schneider, former president of the home-loans unit, ran in circles with their heads on fire once the bank's troubles were too big to contain.

From a small, local Seattle bank "where everyone knows your name," to that of a national giant mostly headed by East Coast manager sharks, WAMU reached historic levels of employee fraud as checks and balances to qualify loan applicants were overlooked in the name of meeting sales goals and growth, the author points out.

Lost Bank is a sad story questioning the All-American business mentality of "take no prisoners" aggressive growth and how once WAMU was on such fast lane, become blinded and robbed its own shareholders.

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