The Lost Bank: The Story of Washington Mutual-The Biggest Bank Failure in American History
by Kirsten Grind
View on GoodreadsA Wall Street Journal reporter's inside narrative of Washington Mutual's rise from Seattle thrift to national mortgage giant and its September 2008 seizure — the largest bank failure in US history.
Core ideas
- WaMu's pivot from prudent thrift to aggressive subprime lender wasn't gradual drift — it was an explicit cultural and strategic shift championed by CEO Kerry Killinger.
- The bank's "Power of Yes" mortgage culture and option-ARM products amplified the broader bubble's worst dynamics in one institution.
- The seizure itself — FDIC takeover and sale to JPMorgan over a weekend — was politically and legally controversial, and Grind makes the case that WaMu was healthier than the wartime narrative held.
Published2012
Pages400
ISBN9781451617924
ReadMar 2023
