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Washington Mutual Inc. |
To follow up on that point.. for those of you who are not aware... all
of them came from JPM!
Taj Bindra:
Bindra was executive vice president for home loans finance and
servicing operations at WaMu. He joined the company in late 2004 from
JP Morgan Chase, where WaMu also recruited president and chief
operating officer Stephen Rotella. (Notice the 2004 time frame again)
John Berens:
John Berens 23 years at JP Morgan Chase
Senior Vice President, Loan Servicing (WAMU)
http://www.highbeam.com/doc/1G1-13123367...
Youyi Chen: Youyi Chen, Ph.D., leaded the Mortgage Portfolio
Management and Research Group. Under his strong leadership, this group
was be responsible for consumer behavioral research into pricing
sensitivity; prepayment modeling and analysis; and portfolio
management including the management of pricing, risk analytics and
funding strategies. Most recently, he served as a senior vice
president responsible for managing the interest rate risks of JP
Morgan Chase's mortgage servicing rights (MSR) portfolio.
Bill Murray: Bill Murray, a mortgage business veteran, will become
division finance officer of Mortgage Servicing on March 1. In this
role, Murray will be responsible for forecasting, planning, reporting,
risk analytics, communication, and performance management for MSR and
Service Delivery. He will be located in the company's New York City
office. At his former company,JPM; Murray led the MSR valuation,
pricing and reporting functions for the Capital Markets group.
"We're very pleased to have recruited such fine talent to our Home
Loans team, and we're confident we'll soon find a seasoned mortgage
executive to lead this group going forward. In the meantime, I look
forward to working with this team, whom I know very well, to ensure we
sustain the excellent progress that Craig Chapman has made in
transforming our mortgage business," said Rotella."
You don't say Rotella is speaking on the hires. And he knows them very
well...great!
They had a five year plan in place.... seems like they accomplished
their goal early... it only took about 4.5 years to tarnish WAMU's
reputation with mortgages enough for the OTS/FDIC to step in.
Another name to keep in mind is Dale L. George.
"Dale George, a former WaMu senior risk manager who spoke exclusively
to ABC News, explained that risk managers are like the brakes on a
car. WaMu executives "took the brakes off and drove over a cliff," he
said."
George was fired.....
"WaMu denied any wrongdoing and said the firing wasn't retaliatory."
Interesting... I wonder if he was fired by an ex-JPM employee!
On Jul 1, 10:18 pm, koi <takamiyada...@gmail.com> wrote:
> Okay.. so we may not agree with the statement above..however lets run
> with it and say for one second that we want to believe its true.
> Imagine (without getting sick that you are a JPM lawyer and that is
> your strongest defense). How do you explain the following:
> http://www.bizjournals.com/atlanta/stori...
> http://seattletimes.nwsource.com/html/bu...
> In the link above (2nd one) he actually completely diverts the
> question about what brought down WAMU.
> "Asked about his role in the mortgage problems that brought WaMu down,
> Schneider said, "There will be never-ending discussion around home
> lending, and what I'm focused on now is the retail side and making
> sure we do the integration well."
> So we (JPMC) were able to acquire WMB for the low 1.89 Billion the
> FDIC sold it to us for. Now we are aware that we will have to write
> off huge loses becuase of the toxic mortgages... and we have a chance
> to clear house (dismiss all WMB employees) yet lets bring on David
> Schneider.
> Link belos is David Schneider's offer letter by WMB in 2005.http://contracts.onecle.com/wamu/schneid...
> Wait... did you notice Steve Rotella signed his offer letter. Isn't
> Rotella under the scrutiny of the Texas Action for serving as a
> mole????
> So... I find it interesting that Rotella COO for WMB was the person
> who signed David's offer letter. Does anyone else find this
> interesting. Also keep in mind that Rotella left JPM in 2004 for
> WAMU.Last I can find on Rotella is his name in the Texas Action.
> Rotella was closely linked to Schneider's hiring... Here’s what the
> Chief Operating Officer said about David Schneider when he was hired:
> “David Schneider has a proven track record of success in leading and
> growing a national home lending business, as well as solid experience
> with cross selling home loans across a retail banking network and
> other distribution channels.”
> Ummm Rotella... you want to reword that?
> It's alright I guess Killinger said the same... so your not alone.
> And here is a link that 'hints' at the irony of Rotella going from JPM
> to WMB to being let go by JPM.http://www.businessinsider.com/2008/10/j...
> "Ironically, Mr. Rotella had run J.P. Morgan's mortgage business
> before he joined WaMu at the end of 2004."
> To being the most famous mole in the decade Rotella this buds for you!