Washington Mutual purchased the assets of American Savings and Loan, an institution that clocks in as #5 on the failure charts. They then proceeded to fail, in part, due to massive losses in the subprime market (don't loan money to those who can't pay it back,) and an incredible $16.7B 10 day bank run.
It amazes me how an organization whose sole purpose is to take money and make loans would see fit to give money to those who have no way of paying it back. National City Bank here in Ohio, a bank that survived the depressions of 1893 and 1929, two world wars, and all kinds of strife, failed for the same reason. Money given to those who can't pay it back.
Washington Mutual purchased the assets of American Savings and Loan, an institution that clocks in as #5 on the failure charts. They then proceeded to fail, in part, due to massive losses in the subprime market (don't loan money to those who can't pay it back,) and an incredible $16.7B 10 day bank run.
It amazes me how an organization whose sole purpose is to take money and make loans would see fit to give money to those who have no way of paying it back. National City Bank here in Ohio, a bank that survived the depressions of 1893 and 1929, two world wars, and all kinds of strife, failed for the same reason. Money given to those who can't pay it back.
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