Friday, September 26, 2008
UPDATED: Troubled WaMu’s Dallas connection
HINT: it's at the highest level.
Updated 01:52 p.m., September 26, 2008
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In the latest example of our government's firm commitment to a free market economy, federal regulators have taken over Washington Mutual and more or less forced it to sell itself to J.P. Morgan Chase.
Here's the North Texas connection (I mean, aside from the fact that thousands of North Texans have home mortgages through WaMu): Dallas Mayor Tom Leppert sits on the company's board of directors. Along with several other North Texans
Which is really all there is to the above-linked story at nbc5i.com.
Fascinating, yes? (O.K., no.)
UPDATE: as a reader of both the DMN and Pegasus News points out (via email), there's more - oh, so MUCH more - to the Leppert/WaMu story, to wit:
* borrowing a turn from John McCain's "the fundamentals of our economy are strong" playbook, back on Sept. 10 Leppert stated (in regard to WaMu's prospects) that "...there's sufficient capital and good things ahead."
* Leppert owns (or has up 'til quite recently owned) somewhere around 24,000 shares of WaMu-related stocks - which have tanked badly over the last year.
* Leppert derived a low-six-figure income from his position on the WaMu board.
Judging by the comments to the DMN story, folks consider some or all of this to be outrageously underhanded. (What - didn't they understand they were electing a high-level business wheeler-dealer sort of chap into office? Guess not.)
posted by JM
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Comments
Travis Bush Verified
It would be interesting to know if he sold his stock and if so, when.
1 year, 1 month ago ( Link to this comment | Suggest removal )
Mike Orren Staff
http://www.secform4.com/insider-tradi...
1 year, 1 month ago ( Link to this comment | Suggest removal )
Travis Bush Verified
eh...I tried looking up WM on that link, but I didn't understand any of it.
1 year, 1 month ago ( Link to this comment | Suggest removal )
Scott Doyle Verified
Unless I'm missing something (entirely possible as it's mid-morning)...Miko's link shows that Leppert increased his holdings in WaMu at points in time when he (as a board member) had insider information indicating stock price was likely to go up.
If you're confused, just think about Martha Stewart for a bit...remember why she was taken seriously for awhile...and then ask questions.
1 year, 1 month ago ( Link to this comment | Suggest removal )
Howard Wen Verified
The FBI are already investigating the collapses of AIG, Lehman Brothers, Fannie Mae and Freddie Mac... Could WaMu be next?
1 year, 1 month ago ( Link to this comment | Suggest removal )
Michael Davis Verified
All board members of major companies make six figures. It looks like he got his compensation in stock
The link doesn't show he had any info - what you see is called a program. Board of Dir's usually get so many options each year and the awarding of those options is spread out over the course of of year.
1 year, 1 month ago ( Link to this comment | Suggest removal )
Scott Doyle Verified
That'll teach me to check Peg after a night at the bars.
lol @ Leppert getting hosed.
1 year, 1 month ago ( Link to this comment | Suggest removal )
teer1998 Anonymous
Leppert has a very standard, and by some standards, conservative director pay package. The failure of WaMu has more to do with bad investments in west coast property than anything Mayor Leppert has done.
1 year, 1 month ago ( Link to this comment | Suggest removal )
Scott Doyle Verified
And your thoughts on him assuring people they had sufficient capital when they clearly did not?
1 year, 1 month ago ( Link to this comment | Suggest removal )
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