Monday, February 16, 2009

60 minutes segment on a Golden West Financial Whistleblower

For those of you who missed 60 minutes last night, they did a 13 minute segment on Paul Bishop a whistle blower at World Savings Bank (which was Golden West Financial's bank subsidiary) who tried to alert bank management to the risks associated with the Pick-a-Payment Option ARM mortgages.

Wachovia bought out the bank near the peak of the market at $25 billion

"World of Trouble" (13 minutes)

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  1. From the many people that Ive talked to this was failure on top of failure on top of failure. Mortgages companies got greedy and there was a strong de-regulation push in Washington and many good regulations that were put in place to keep this from happening during the great depression was removed.

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