Jay Carter – Financial Survival Radio » Rental Property Podcast

When businesses go wrong financial executives who were directly responsible lose nothing (or close to it), while people in the wider economy lose jobs and suffer from government cuts Christmas came early this year for four former executives of Washington Mutual (WaMu), a large US bank that failed in the autumn of 2008. The Federal Deposit Insurance Corporation (FDIC) had brought a lawsuit against the four for actions that included taking huge financial risks while "knowing that the real estate market was in a ‘bubble’". The FDIC sought to recover $900m (£575m), but the executives have just settled for $64m, almost all of which will be paid by their insurers; their out-of-pockets costs are estimated at just $400,000. To be sure, the executives lost their jobs and now must drop claims for additional compensation. But, according to the FDIC, the four still earned more than $95m from January 2005 through September 2008. So they are walking away with a great deal of cash. This is what…

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