June 8 PSBJ/KOMO News Goode for Business Report
Today’s segment features an exclusive excerpt from Kirsten Grind’s The Lost Bank, being released on June 12. 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. It’s 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. Read a column with more information here: www.bizjournals.com
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Featuring former Puget Sound Business Journal reporter and author of the just released book, The Lost Bank: The Story of Washington Mutual-The Biggest Bank Failure in American History.