“Wachovia execs may get $98M from Wells deal“– this from an article published yesterday by the Charlotte Business Journal.
Want to know how many execs split up the pie? 10.
In most cases I believe these bailouts are the lesser of two evils… i.e. a lame banking system is better than say, no banking system. But one that is patently currupt?
You know they say its not effective for bloggers to rant… but I just can’t seem to help myself on this one. In my opinion Wachovia was the most preditory of all lenders, pushing their Option ARM’s all over the place, encouraging brokers to make 3 or 4 points per transaction by tacitly implying they should mislead consumers into thinking paying LESS than interest only was safe.
These execs made so much money inflating the bubble it can make your head spin trying to count it all up. And now, 10 of the individuals most repsonsible, get to split up $98m??
Is this a rant… or am I being too nice?