2008-12-28 — alleyinsider.com
"As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes."
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AZDuffman at 06:55 2008-12-30 said:
Let this be a warning to anyone who thinks the manager/executive is doing a great job because they are "meeting impossible numbers of goals!" I've seen it happen, not just in mortgages. One place we had a manager make killer sales numbers and got himself a killer bonus. The next year there was a killer mess to clean up since so many corners were cut. The mess at what was WaMu is just the latest example. Anyone who has been on any kind of frontline in any business should know that even 10% growth in a mature market is good and hard to keep up. So when someone gets 20%+ instead of looking at how it is getting done everyone else is just told to grow at 25% the next year. Maybe America will learn from all of this. I doubt it, thought. Permalinktaps65 at 15:21 2008-12-30 said:
Because of you, this nameless and faceless family has suffered irreparable damages. Happy go to hell, From mainstreet Permalinkadd a comment | go to forum thread
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