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Resource ID: #24574
Subject: Banking
Source: Seattle Times
Affiliation: 
Date: 10/25/2009; 10/26/2009

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Description

Kerry Killinger, former CEO of Washington Mutual, refused to take blame for the bank's collapse. Instead, he cited the faltering housing market and "credit crisis." An investigation by The Seattle Times reveals Killinger and his employees used "reckless" and "predatory practices," like encouraging high-risk loans, to increase the bank's profits. The greed-fueled decisions eventually led to the bank's collapse.

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