Is there any other industry that generates as much greed as the auto industry? Mitt Romney’s article puts this in perspective. “Getting more and more pay for less and less work is a dead-end street.”
Washington Mutual, with $307 billion in assets, is by far the biggest bank failure in history, eclipsing the 1984 failure of Continental Illinois National Bank and Trust in Chicago, an event that presaged the savings and loan crisis. IndyMac, which was seized by regulators in July, was one-tenth the size of WaMu.
The government has dealt with troubled financial institutions differently. Lehman Brothers and Washington Mutual, which were less entangled with the rest of the financial system, were allowed to collapse. But the government took emergency measures to stabilize Goldman Sachs, Morgan Stanley and the American International Group, the insurance giant.
As the rest of the financial community was scrambling to get its money out, a government-owned German lender gave Lehman Brothers what might be called a parting shot in the arm, transferring 300 million euros ($426 million dollars) to the investment bank on the same day it filed for bankruptcy.
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