National Review's Mark Krikorian notes that (1) Washington Mutual became the largest bank to fail in American history yesterday and (2) its last press release touted the fact that it was named one of America's most diverse employers, having been "honored specifically for its efforts to recruit Hispanic employees, reach out to Hispanic consumers and support Hispanic communities and organizations"; for being "named [one of] the top 60 companies for Hispanics"; for "attaining equal rights for GLBT employees and consumers"; for having "earned points for competitive diversity policies and programs, including the recently established Latino, African American and GLBT employee network groups"; and for being "named one of 25 Noteworthy Companies by Diversity Inc magazine and one of the Top 50 Corporations for Supplier Diversity by Hispanic Enterprise magazine."
While juxtaposing these two facts -- (1) WaMu has a racially and ethnically diverse workforce and (2) WaMu collapsed yesterday -- the National Review writer headlined his post: "Cause and Effect?" He apparently believes that the reason Washington Mutual failed may be because it employed and was too accommodating to large numbers of Hispanics, African-Americans and gays. Is that why Lehman Brothers, AIG, Bear Sterns and so many others also failed -- too racially diverse of a workforce? Ironically, the night before, National Review's Mark Steyn and Hugh Hewitt agreed with one another that The Atlantic Monthly was forever destroyed as a journalistic entity because it employs Andrew Sullivan, whose writings about Sarah Palin are "a form of mental illness."
Here's the link to NRO, for those who want to wade into the sewage and smell it for themselves:
Uraniun235 wrote:If you're seriously worried about FDIC failing to cover your FDIC-insured deposits, then you should just pull all your money out right now and start building your little survivalist fortress.
I'm not kidding in the slightest. Anyone who thinks that FDIC will be allowed to fail to honor its obligations (even if doing so would require the Mint to turn the presses up to '11' and have agents delivering bags of cash everywhere) should not have the slightest confidence in any bank or credit union.
As someone who has spent a considerable period of time in management of an urban bank branch, i can state without a doubt that 10-15% of the uneducated urban population believes just that. Never underestimate human stupidity.
"This business will get out of control. It will get out of control and we’ll be lucky to live through it.” -Tom Clancy
Stargate Nerd wrote:I was with Chase before going to Wamu. I really dislike Chase so I guess I need to start looking for a new bank.
Hopefully Chase learns from WaMu's retail operations (forget about their loan operations). Not socking the customer for every little fee possible is a good thing for image, but I don't know if they'll pick that up.
