Friday, September 25, 2009

One year later.

A year ago today, the FDIC seized WaMu and sold parts of it to JPMorgan Chase. Despite the fact that we knew the financial system was teetering on the brink of chaos -- Lehman Brothers, AIG, Freddie and Fannie Mac problems had all surfaced by then -- the harshness of the FDIC's decision, and the manner in which the sale was effected, still trouble many of us. It is not clear why the deal could not have worked like the spring sale of Bear Stearns to JPMorgan Chase, wherein shareholders, including employees, received a better deal.

I recommend The New Yorker article titled "Eight Days in September," which is in the 9/21/09 issue. It discusses the climate in which decisions were made earlier than the WaMu decision.

One thing is clear: the world is a different place. I worry for all members of my teams at WaMu who have not yet found a job, or who have encountered difficulties that make just getting out of bed a challenge. I am thinking of you today, as the economy shows signs of improvement. You are each special, in part because you worked at WaMu. Respect for one another, high standards of performance, the ability to hit targets and goals, and the ability to have fun while you work are a plus for any other work environment you find. I think it's possible to replicate the best of the WaMu culture each time one of you finds another job. For those still looking, please look forward. There is so much help that the world needs right now. It's only a matter of time until you find your next opportunity.


Anonymous said...

Thank you Annie, those are kind and positive words!

Tracy said...

Being part of the largest bank failure in history is hard to explain to people. There was so much good at WaMu. I am so proud to have been part of it even if the world does not understand that.