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Fannie, Freddie, and Kerry

An interesting trifecta of financial news this weekend - perhaps more significant than either 2008 VP choice, of the previous weeks.

First, the feds announced a takeover of Fannie Mae and Freddie Mac, the two competing federally created financial coroorations underwriting much of the residential owner occupied 'market'.

Perhaps more significant, at least locally, is the ouster of long time Washington Mutual President Kerry Killinger. I was doing some web research this morning on the recent history of the Killinger's relationship with WAMU, as well as that of its long time outside Counsel, Foster Pepper Shefelman.

It was my recollection that Killinger had recently been taken to task for giving himself a bonus as the firm was on its way from to 15% of it's all time stock price high. I also recalled some changes in the relationship with FPS. Although I was able to find plenty of references to shareholder lawsuits, I didn't find anything in my quick research.

This quote though, from FPS Senior Partner Judy Runstad in 2001 is particularly telling:

2nd item in Godden's Column

Any chance FPS will be held to account for their actions?


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Comments (1)

News reports covering Killinger's ouster have cited his quality work in the 1990's putting together the organization, currently number two, in America.

Though there are certainly positives to WAMU's corporate profile I personally have a negative tale, from the mid-90's.

It would have been best had this sort of thing been forgotten - certainly for my privacy alone. However for a number of reasons that privacy has been violated and this blog, in large, part, is my side of the story.

My case involved an overdrawn account from a bank charge resulting quickly in the bouncing of a very small check. This wasn't a good time in my life, and I had definitely bounced checks around then. But in this case, no, it was clearly an error in the bank's software that added the initial fee.

These fees cascaded to some $700. I did go through a formal procedure with the bank, which they denied, sans evidence. Presumably this indicates a long standing problem with their Counsel, as I've never otherwise had problems with WAMU.

My interpretation is that FPS abused their relationship with their corporate client to pursue their own control mad agenda. FWIW, this isn't likely the only incident of same that I've been a participant and witness to.

So, please, don't take this as a slam against Killinger, however it would be good to see a redefinition of corporate accountability as a result of current crises - and, say, a paying off of the deficit before the boomers retire.

-Douglas Tooley
writing from the McKinley Neighborhood CoffeeHouse

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