Yup, the CEOs of Lend and WaMu struck it rich selling stock options, and after their stock price plunges over the next few years, they’ll be long gone. The big banks, the Fed Reserve member banks, will go on as if nothing happened I suppose. They’ll buy up WaMu for pennies on the dollar. The rich get richer. The losers are the guy who lost his house, and the shareholders of the losing bank and the MBS holders who didn’t hedge or do swaps or whatever they do. This will just result in another distribution of wealth from the poor working fool and taxpayer to the rich people (CEOs, bankers, cash-rich investors who’ll snap up foreclosures). That’s how it’s starting to look. I’m not saying this was planned, because that would have been a very complex plan. But that’s how it’s turning out.
