Financial Arson Watch

Robert Waldmann

Is Jim Puzzangera of the Los Angeles Times insinuating what I think he’s insinuating ?

Before Washington Mutual collapsed … its executives knowingly created “a mortgage time bomb” by steering borrowers to subprime mortgages and turning the loans into securities the company knew were likely to go bad

“At times, WaMu selected and securitized loans that it had identified as likely to go delinquent” or securitized loans in which the company had discovered fraudulent activity,

Sounds to me as if someone has the sneaking suspicion that people who knew WaMu was headed towards ChapLev did that on purpose so that they could give themselves a little golden parachute by buying CDSs.

Stinking pond scum.

I congratulate Mr Puzzanghera and almost don’t want to mention the fact that his last name is a portmanteau (portfolio ?) of the Italian words for stink and puddle.

Via CalculatedRisk (of course)