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Air Jordan 1 401k IRA Screw Job Coming - The Mark

From your 401k and IRA accounts!

In a short conversation this noontime that CNBC apparently has omitted from their archives (Why's that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Mondays at 3:30 CT
 

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Guess what?  They'll do that here too - you're going to "invest" in Treasuries which of course are effectively a CALL option on the future taxing ability of the government.

Now this is a guaranteed rape job.

Any questions?

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc.  Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content hereis all posts by date in the topic hot sale christian louboutin shoes high top supra shoes coach louis vuitton boots,cheap christian louboutin pumps, .

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From Businessweek:

My fear is that governments in the US,Air Jordan 1, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding of banks with fresh capital – whether they want it or not – and the seizure of the Fannie/Freddie mortgage giants before they were in fact in trouble (in order to prevent a Chinese buying strike of US bonds and prevent a spike in US mortgage rates), shows that private property can be co-opted – or eliminated – with little due process if that is required to serve the collective welfare.

Of course this begs the question - what if the government can't pay down the road when you retire, just as they can't pay on a forward basis with Social Security and Medicare?

Where would they get this?

But - "choices" have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market - so they will effectively tax you by forcing your "retirement" money to buy them!

You can also bet that once such an "option" is made available there is a very high probability of the government doing things that either promote or simply don't stand in the way of another stock market crash as a means of "herding" your money into Treasuries - so they can blow it - all under the guise of being allegedly "safe".

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I have been talking about this for quite some time and recall writing a Ticker on it a year or more ago,supra suprano shoes, although I can't find the entry immediately. 

The problem is that with an aging population and the immigrant problem (illegal immigrants that is), along with offshoring, the aggregate wage base will drop and thus this is the most dangerous investment of all!

Let me be clear:

Forcing people into Treasuries as an "annuity" is exactly what Social Security allegedly is.  Except that Treasury stole the money that was collected in FICA taxes and spent it!

TickerForum?- Discuss The Capital Markets

What's even worse is that the government has intentionally suppressed Treasury yields during this crisis (and will keep doing so by various means, including manipulating the CPI - the "inflation index" - as they have for the last 30 years) so as to guarantee that you lose over time compared to actual purchasing power.

THIS HAS BEEN THE CASE SINCE THE 1980s AND IT WILL NOT CHANGE!

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Here is a warning to us all. The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

I have no quarrel with the government mandating that you have a choice in your IRA or 401k account to buy short-duration Treasuries - much like the "G" fund that government and civil-service workers have.

This may be the only way for Treasury to hold down interest rates to something reasonable in the intermediate term, but doing so will instantaneously remove a major source of funding for the stock market - that is, the monthly as supra shoes for sale-buy supra shoes online,supra mens shoes are ...this supra shoes store buy supra shoes cheap supra shoes discount supra shoes new & used supra shoes,supra skate shoes,supra skateboard shoes.d quarterly inflows from retirement accounts.

PS: If the video shows up I'll update this ticker.... and if you're wondering what hammered the dollar starting at about 9:00 today, this is probably it.  Such a "move" would free the government to further abuse the issuance of Treasuries rather than take necessary austerity steps and places us even further down the road toward a political and economic collapse.

This "proposal" can only mean one thing - Treasury smells smoke.  Maybe you should pay attention to what they're huffing!

Where We Are, Where We're Heading (2009)?- The annual 2009 Ticker

Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!

You can bet this won't be good for you, the ordinary American.

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Yeezys sale 2009 Horizon Report » Two to Thr

Geotagging Photos to Share Fieldtrips with the World
http://www.geographyteachingtoday.org.uk/fieldwork/info/teaching-technology/geotagging-photos-to-share-fieldtrips-with-the-world/
(David Holmes, GeographyTeachingToday.org. uk, undated.) This article describes applications for the geotagging of photos in teaching geography and suggests ways to geotag images.

[...] De meest essenti?le geografische vraag is: waar ben ik? Maar wat we zien met de opkomst van internet en technologische os christian louboutin boots - christian louboutin shoesbuy christian louboutin shoes, 40-70% off. cheap christian louboutin boots, free shipping!twikkelingen als GPS, is dat we er een vraag bij moeten stellen: en waar ben ik in relatie met al het andere? Het Horizon Report 2009 noemt dat de trend Geo-Everything. [...]

Time-to-Adoption Horizon: Two to Three Years

For those without devices that have built-in geolocative capability, a variety of free or inexpensive tools to capture and display geolocative data are available. The Photo Finder by ATP Electronics and the Nikon GP-1 are examples; they capture GPS data and synchronize it to a camera’s data card to geotag the photos automatically. Another approach is to use a specialized device like the GPS Trackstick (http://www.gpstrackstick.com) that can be carried in a pocket or glove box. It records the path it travels, and the data can be uploaded to create custom maps of walking or driving routes, hiking trails, or points of interest. Geotagging of media of all kinds is increasingly easy to do (or is automatic), and as a result, the amount and variety of geotagged information available online is growing by the day.

[...] According to the 2009 Horizon Report Brian linked to, the time-to-adoption horizon for “geo-everything” is 2 to 3 years, but I would argue that we’re ahead of the game here in North [...]

Collage (http://tapulous.com/collage/), a photo application for the iPhone, lets the viewer upload geotagged photos, browse photos taken nearby, and see photos as they are taken all over the world. Mobile Fotos (http://xk72.com/mobilefotos/) is another iPhone application that automatically geotags photos taken on the device before uploading them to Flickr. Dynamically updated maps on mobiles help travelers understand how to get from here to there, without having to first figure out where here actually is. The technology to capture and use geolocative data in user-friendly ways on mobile devices is just beginning to hit the mainstream, and we can expect to see tremendous development in this area in the coming months.

How Your Location-Aware iPhone will Change Your Life
http://lifehacker.com/395171/how-your-location+aware-iphone-will-change-your-life
(Adam Pash, Lifehacker, 5 June 2008.) The iPhone’s location-aware features enhance a host of applications from social networking tools to geotagging photos taken by the phone to nearby restaurant recommendations.

[...] trends to watch in the next 10 years are mobiles and cloud computing (within one year or less), GeoEverything and the Personal Web (within 2 to 3 years), and Sematic-Aware Applications and Smart Objects [...]

Click the icon to the right of a paragraph

Everything on the Earth’s surface has a location that can be expressed with just two coordinates. Using the new classes of geolocation tools, it is very easy to determine and capture the exact location of physical objects — as well as capturing the location where digital media such as photographs and video are taken. The other side of this coin is that it is also becoming easier to work with the geolocative data thus captured: it can be plotted on maps; combined with data about other events, objects, or people; graphed; charted; or manipulated in myriad ways. Devices we commonly carry with us increasingly have the ability to know where they (and, consequently, we) are, and to record our coordinates as we take photographs, talk to friends, or post updates to social networking websites. The “everything” in geo-everything is what makes this group of technologies interesting, and what will make them so much a part of our lives — geolocation, geotagging, and location-aware devices are already very nearly everywhere.

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Geocoding with Google Spreadsheets (and Gadgets)
http://otherfancystuff.blogspot.com/2008/11/geocoding-with-google-spreadsheets-and.html
(Pamela Fox, …And Other Fancy Stuff, 27 November 2008.) This blog post includes step- by-step instructions for embedding a gadget, created by the author, that plots addresses from a Google spreadsheet on a map, providing latitude and longitude data that can be used in other mashups.

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http://delicious.com/tag/hz09+geolocation
(Tagged by Horizon Advisory Board and friends, 2008.) Follow this link to find resources tagged for this topic and this edition of the Horizon Report, including the ones listed here. To add to this list, simply tag resources with “hz09” and “geolocation” when you save them to Delicious.

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Location Technologies Primer
http://www.techcrunch.com/2008/06/04/location-technologies-primer/
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Applications for research and learning that are quick and inexpensive but still very effective are beginning to emerge as the difficulty of capturing and using geolocative data decreases. Automatic geolocation opens opportunities for field research and data acquisition in the sciences, social observation studies, medicine and health, cultural studies, and other areas. Researchers can study migrations of animals, birds, and insects or track the spread of epidemics using data from a multitude of personal devices uploaded as geotagged photographs, videos, or other media plotted on readily-available maps. By placing collected data on a map and adding easy- to-obtain data such as weather, population, urban development, or other factors, researchers and students can study the patterns that emerge.

The Mapas Project
http://whp.uoregon.edu/mapas/AGN/Guelaxe/fullview.shtml
The fledgling Mapas Project at the University of Oregon is dedicated to the study of Colonial Mexican pictorial manuscripts. Geolocation is being used to link real-world locations to those represented on the maps.

CommunityWalk
http://www.communitywalk.com/
CommunityWalk is a tool that provides a way to create and annotate custom maps with geotagged data and photographs uploaded or pulled from Flickr.

Notes from the Classroom: Exploring Literary Spaces via Google Earth
http://google-latlong.blogspot.com/2008/06/notes-from-classroom-exploring-literary.html
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Existing collections of geolocative data are also becoming more accessible as the tools to search, organize, filter, and display such data become more sophisticated, easier to access, and simpler to use. Open databases like those listed by Academic Info (http://www.academicinfo.net/geogdata.html) have been available for some time, and now we are seeing online tools that can display those datasets visually in a variety of ways. The array of emerging web applications that combine topographical data with geotagged media and information are at the heart of geolocation’s importance to educational practice. Many such applications require no programming skills and can be used by students to produce custom visualizations layered over detailed maps or 3-D landscapes using real-world data.

Mobile learners can receive context-aware information about nearby resources, points of interest, historical sites, and peers seamlessly, connecting all this with online information for just-in-time learning. Social networking tools for handheld and mobile devices or laptop computers can already suggest people or places that are nearby, or show media related to one’s location. Virtual geocaching — the practice of placing media (images, video, audio, text, or any kind of digital files) in an online “drop box” and tagging it with a specific geographic location — is emerging as a way to “annotate” real-world places for travelers or tourists,Yeezys sale; enhance scavenger hunts, alternate reality games, and other forms of urban outdoor recreation; and augment social events such as concerts and other performances. Drop.io Location (http://drop.io/dropiolocation) is one such service. Mobile users can detect the location of nearby drops and retrieve any files they have permission to access.

Geonames
http://www.geonames.org/
Geonames is a comprehensive geographical database containing millions of geographical names and features worldwide. The data is licensed for use under a Creative Commons attribution license.

[...] Geo-Everything. Geocoded data has many applications, but until very recently, it was time- consuming and difficult for non-specialists to determine the physical coordinates of a place or object, and options for using that data were limited. Now, many common devices can automatically determine and record their own precise location and can save that data along with captured media (like photographs) or can transmit it to web-based applications for a host of uses. The full implications of geo-tagging are still unfolding, but the impact in research has already been profound. (Horizon Report, 2009) [...]

7 Things You should Know about Geolocation
http://connect.educause.edu/Library/ELI/7ThingsYouShouldKnowAbout/47212
(EDUCAUSE Learning Initiative, 27 August 2008.) This article provides a concise description of geolocation as it relates to tagging media, suggests educational applications, and discusses opportunities and concerns related to geolocation.

The following articles and resources are recommended for those who wish to learn more about geolocation, geotagging, and location-aware devices.

[...] Geo-everything [...]

As noted in the 2008 Horizon Report, it is also becoming easier to create mashups using multimedia and geotagged data with online tools. Many free or very low-cost tools to capture and display geolocative data are available online and they continue to improve in usability and flexibility. Google Maps (http://maps.google.com), for example, offers a one-button way to overlay public, geotagged media onto the relevant section of a map as you view it; photos or videos tagged with the location in question simply fall into place on the map. A similar feature is available to place media onto Google Earth’s 3D display. With Flickr Maps (http://www.flickr.com/map), viewers can see at a glance what tags are currently being applied in a given region, or find (for instance) locations in North America where photographs of monarch butterflies were taken. Other mashup authoring tools give the user even more control, allowing the use of uploaded datasets, custom maps, and more.

Paintmap
http://paintmap.com/
Paintmap is a tool that allows artists to place their works on a map to indicate the physical location of the subject of the work. Users of Google Earth can also add artworks as an additional way to annotate places.

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Next Exit History
http://nextexithistory.org/
Next Exit History is a project by the University of West Florida and the University of South Florida designed to provide geotagged information (podcasts and other media) to assist tourists in finding and learning about historical sites in Florida that are near major interstate highways but often overlooked by visitors.

The following links provide examples of a variety of applications using geolocation, geotagging, or location-aware devices.

Literature. Geotagging and virtual geocaching can be used to create annotated maps and real- world locations related to works of literature, enhancing the experience of reading the story. For instance, out of personal interest, one reader created a map of the course described in The Travels of Marco Polo, including passages from the text, photographs of the places mentioned (historical and contemporary), annotations and links, and other information (http://idlethink.wordpress.com/2008/08/31/indulgence-sin/). Medicine. The University of Florida has used a 2-dimensional web-based Transparent Reality Simulation Engine to teach students how to operate medical machinery for several years. Recently, the addition of a GPS-enabled tablet device has allowed learners who are spatially challenged to experience the transparent reality visualization overlaid directly onto the real machine, enabling them to use the machine’s controls rather than a mouse as input to the simulation. Geolocation is used to track the tablet and align the physical machine with the visualization on the tablet. Games-based Learning. The Local Games Lab at the University of Wisconsin-Madison (http://lgl.gameslearningsociety.org/) is developing “local games,” learning experiences set in real- life neighborhoods and ecological habitats. Combining geolocation and alternate reality games, local games immerse the learner in a physical space as they explore the unique characteristics of the location and its inhabitants.

Geolocation technology is not new, but it is now commonly available in a growing range of devices like mobile phones, cameras, and other handhelds; at the same time, the software tools we use every day are beginning to include features that make use of geolocative data. Emerging third-party applications for mobiles that can obtain and transmit the device’s physical location give us ways to integrate our experiences in the physical world with those in the online, virtual world of the Internet. Where it was once time-consuming and tedious to attach geolocative information to photographs, video, and other media, it is now easy — indeed, often automatic — with many of today’s tools. It is increasingly common for photos and videos in online collections to “know” where they were taken, and social networking updates from many mobile devices are already geotagged automatically.

Mediascape
http://www.mscapers.com/
Mediascape is a tool for creating interactive stories that unfold as the viewer moves through physical space and time. By tapping into the GPS on a viewer’s mobile device and incorporating multimedia as well as interactive controls, every mediascape offers a unique experience for each viewer.

An increasing number of mobile and web-based services can respond to geolocative data in creative and useful ways. Radar (http://outside.in/radar) serves up local information like news, blog posts, restaurant reviews, and so on, based on a viewer’s location as determined from the IP address of the computer being used. Buzzd (http://buzzd.com) is a city guide and social networking tool for mobile devices, including not only local information but also user ratings and tips. Mobile Twitter clients like Trak (http://www.trak.fr/site/en/) and Twinkle (http://tapulous.com/twinkle/) add the user’s locatios supra shoes, supra skytops and tk society buy at urban industrysupra, supra shoes including supra skytops, vaider and the tk society at urban industry. buy supra clothing here, to tweets, indicate nearby friends, and show messages tweeted in the user’s vicinity.

Relatively simple applications of geolocative data like these represent its earliest uses in websites and mobiles, but this cluster of technologies is developing very rapidly.

A sampling of location-aware applications across disciplines includes the following:

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The 2009 report will provide information and guidance to the RMIT Global Cities Research Institute and consultancy company GHD Vietnam, as well as to Vietnamese government agencies.

“The projects have produced invaluable reconnaissance for environmental consultancies in Vietnam as well as resources for RMIT researchers.

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Members of the study tour team. (From back left) Jesse Spence, Leigh Mullenger, Nick Dircks, Josh Greaves; (middle) Elizabeth Smolinska, Stewart Dick, Warwick Kurth, Kieran Power; and (front) Car Larsen and Duncachristian louboutin store - buy christian louboutin shoes,buy nike air yeezys, black ...christian louboutin black patent pumps $296.00 $149.00. save: 50% off | read reviews · christian louboutin black leather patent pigalle pumps Fitzpatrick. Anna Maria Martins and Matthew Reid were absent.

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What was the movie "Lorenzo's Oil" about? What Causes ALD, and Who Develops It? ALD is an inherited recessive genetic disorder linked to the X chromosome. Because of the way genetic inheritance works, only boys have the most severe form of ALD. The disorder leaves the body unable to break down big fat molecules, either ones the body makes itself or ones that enter the body through food. Research has shown that this is most likely due to a carrier protein that fails to work correctly and carry the fat molecules to where they would be broken down. The fat molecules build up and clog up cells, and hurt nerve cells in the brain and spinal cord. ALD affects about one in 20,000 males.

One gene, called ABCD1, has been identified as being associated with ALD. Genetic testing can be done to see if a woman has the defective gene. This way, a woman who may have inherited an abnormal gene will know for certain whether or not she has it (is a carrier) and could pass it on to her children. Do All Boys with ALD Die? There are several forms that ALD can take. The most devastating type, what Lorenzo Odone had, is the childhood cerebral form, meaning that nerves in the brain are destroyed. About 35 to 40 percent of all cases of ALD are this type, which usually appears between 4 and 8 years of age in boys. These boys will usually become totally disabled in 6 months to 2 years, and die sometime after.

Who was Lorenzo Odone?

ALD can also appear like multiple sclerosis, in that there is a gradual loss of function in the body but without the severe brain damage of the cerebral type. This second form is called adrenomyeloneuropathy (AMN), represents about 40 to 45 percent of all ALD cases, and affects men in their 20s or middle age.

Approximately 20 percent of females who carry the defective gene for ALD develop nervous system symptoms that resemble adrenomyeloneuropathy, but this begichristian louboutin boots ,buy the luxury christian louboutin ...christian louboutin boots ,christian-louboutin-shoes.cc is a christian louboutin store,specilizing in christian louboutin shoes.sale christian louboutin s later in life (age 35 years or later) and results in a milder disease than in affected males.

Because adrenoleukodystrophy damages the adrenal glands, the disorder can begin as Addison's disease, an adrenal gland disorder. This represents about 10 percent of all ALD cases, and affects males between 2 years of age and adulthood. Young men with this form usually also develop AMN by middle age. Boys diagnosed with Addison's disease are usually tested to see if ALD is at the root of the problem. How Is it Diagnosed? The diagnosis of ALD is based on the symptoms a child or adult has. An MRI (magnetic resonance imaging) of the brain will have abnormal results. Because fats are not broken down properly, testing the blood concentration of a type of fat called very long chain fatty acids (VLCFA) reveals abnormal levels in 99 percent of males. Can ALD Be Cured? Unfortunately, there is as yet no complete cure for cerebral ALD. However, there are several methods being tried that seem to slow down the destruction of the disease. One method is the use of "Lorenzo's oil," made from olive and rapeseed oil, and a very low-fat diet. The oil, if started early in boys with ALD but no symptoms, is now known to have some benefit in preventing the childhood cerebral form of adrenoleukodystrophy. Researchers are still trying to understand the complex relationships among fats in the body,supra sneakers sale, and how Lorenzo's oil could be further modified to be more effective.

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A second treatment for cerebral ALD is bone marrow transplant. The idea is to replace cells that have a defective ALD gene with cells that have a normal ALD gene and will break dows jordan basketball shoes,jordan football shoes,jordan melo,jordan ...the introduction of the air jordan 1 turned the athletic shoe industry upside down. before the air jordan 1, most basketball shoes were white, fats.

As for adrenomyeloneuropathy (AMN), no treatment has yet been developed. If an adrenal disorder like Addison's disease is present, long-term hormone replacement provides treatment. How Is Lorenzo Doing? Is He Still Alive? Sadly, Lorenzo lost his battle with ALD and died on May 30, 2008, one day after his 30th birthday. He is survived by his father, Augusto, his brother Francesco and sister Cristina. His mother, Michaela (portrayed in the movie by Susan Sarandon), died June 10, 2000, of lung cancer.

Sources:

Moser, Hugh, Ann Moser, Steven J Steinberg, & Gerald V Raymond. "X-Linked Adrenoleukodystrophy." GeneReviews. 27 July 2006. GeneTests. 6 Feb 2009

"Informatios cheap nike shoes on sale, air jordans, nike dunks, jordans shoes, nike sneakers, kicks jordans, nike basketball sneakers, lady jordans, nike boy sneakers , About Lorenzo's Oil." The Myelin Project. 6 Feb 2009 More about ALD and Lorenzo's Oil

Who Was Lorenzo Odone?What Is Lorenzo's Oil?What was the movie "Lorenzo's Oil" about?

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But even as he spoke, WaMu was a dead bank walking. The company had plunged headlong into the business of making exotic, high-risk home loans, selling many of them to investors but holding onto others; now defaults on those loans were rising, and big investors had lost their taste for them.

Killinger hired Craig Davis, American's director of mortgage origination, to run WaMu's lending and financial services. Davis, several former WaMu executives said, began pushing WaMu to write more adjustable-rate mortgages, especially the lucrative option ARMs.

Almost a year to the day after the Lehman conference, Killinger was fired. Two and a half weeks after that, federal regulators seized WaMu's banking units, effectively euthanizing a 119-year-old institution that had survived the Great Depression and the S&L crisis.

The unraveling

And even more than most chief executives, insiders say, Killinger was focused on WaMu's stock price as the company's — and his — primary gauge of success. "Kerry's view of himself was tied to a constant increase in the stock price," Chapman said. "He was fixated on it."

"(Chief operating officer Stephen) Rotella told me they could sell (option ARMs) off for four times what they could get for fixed-rate loans," said Golon, the former loan consultant. "There was a class of willing buyers for these out there who wanted more risk."

Copyright © 2009 The Seattle Times Company

But interviews with former WaMu executives and employees, along with government and internal company documents, reveal a far different picture, one of executives charting a reckless course that doomed the bank:

SAM MORRIS / BLOOMBERG NEWS

MANUEL BALCE CENETA / ASSOCIATED PRESS

At the end of 2007, $6.1 billion of WaMu's loans were in "nonaccrual" — bank-speak meaning that WaMu no longer expected to get all the money due it. Over the course of that year, WaMu set aside $3.1 billion for loan losses and posted a $67 million loss, its first in decades.

In time, WaMu even began allowing low- or no-documentation option ARMs, piling risk on risk. The loose standards spread through the company like a flu virus.

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"The whole tone it set was that 'Maybe the next file I review I should pull back, hold off on downgrading (a loan), not take a sharp pencil to what production was doing,' " he said.

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"The big saying was 'A skinny file is a good file,' " said Nancy Erken, a WaMu loan consultant in Seattle. She recalled helping credit-challenged borrowers collect canceled checks, explanatory letters and other documentation that they could afford their loans.

"This frankly may be one of the best times I have ever seen for taking on new loans into our portfolio," he said.

The strategy's momentum was so powerful and pervasive, one former top executive said, that the few dissenting voices inside upper management "were blown off." Rather than avoiding the housing bubble, he said, "Washington Mutual chose its destiny, to be right smack dab in the middle to the hilt."

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Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com

WaMu's shaky condition spooked depositors, who began withdrawing large sums in July and August 2008. The run eased in late August but reignited the next month, after Killinger was fired and rumors were rife that WaMu would be sold or shut down.

Beginning in 2007, those high-risk loans went sour so quickly and in such volume that WaMu couldn't keep up.

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Killinger joined WaMu in 1982 after it bought Spokane's Murphey Favre stock brokerage, of which he was part owner. He rose rapidly,jordan basketball shoes, becoming president of the bank in 1988 and chief executive officer in 1990.

The frenzy peaks

Pedestrians pass a WaMu branch in New York on Sept. 26, 2008, the morning after federal regulators seized the bank.

Even when Wall Street's appetite for mortgages knew no bounds, WaMu kept many of the riskiest loans on its own books — boosting short-term profits but giving it far greater direct exposure to the eventual meltdown than competitors such as Chase and Wells Fargo.

After a string of small and midsize deals gave WaMu a commanding position in the Northwest, in July 1996 it announced its biggest deal to date: the purchase of California-based American Savings for $2 billion in stock.

As standards eroded, WaMu's option-ARM volume exploded — from less than $5 billion in the first quarter of 2003 to $19.6 billion in the second quarter of 2005. WaMu bundled many of its option ARMs into securities as fast as they could be written and sold them to investors, who thought the higher yields justified the added risk.

CEO Kerry Killinger shows off a new financial store in Las Vegas in 2000, after the company launched its push to become a nationwide player in the mortgage-banking business.

Chapman, the former chief legal officer, said she and some other WaMu executives "argued vociferously" against the shift, saying it didn't fit WaMu's traditional emphasis on lending mainly to its own banking customers.

"When I asked how we could possibly foreclose on it, they said there was a letter in the file from O.J. Simpson saying 'the judgment is no good, because I didn't do it.' "

Each month, the borrower could make a payment that would fully pay off the principal and interest; one that covered just the interest; or a "minimum" payment based on the teaser rate, which wouldn't even cover all the interest owed. The unpaid interest was added to the loan's principal balance, shrinking the borrower's home equity. Option ARM customers frequently ended up owing more than they'd originally borrowed.

"He could look at a financial statement and get to the heart of what was going on in a nanosecond," said Fay Chapman, WaMu's chief legal officer from 1997 to 2007. "But he could not have run a coffee stand. I just don't think his mind works that way."

Killinger saw growth as the key to WaMu's future. Without growth, WaMu sooner or later would be picked off by some larger bank, as Seafirst and Rainier National Bank, among others, had been.

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As the great refinancing boom of 2002-03 tapered off, competition intensified among mortgage lenders to write, close and package as many loans as possible. Countrywide Financial in particular, which had led the industry by cutting the teaser rate on its option ARMs to 1 percent, was seen as a threat.

The deal was a turning point for WaMu. Not only did it double the thrift's size, but it introduced two practices that turbocharged WaMu's growth: pay-option adjustable-rate mortgages, commonly called option ARMs, and the "originate-to-sell" model of mortgage banking.

Though Long Beach was lucrative, some executives argued against the deal.

Overall, 34.1 percent of WaMu subprime loans went into foreclosure in those 10 markets — more than three times the 10.2 percent rate of archrival Countrywide.

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By the summer of 2004, nearly 60 percent of the loans WaMu was making were the riskiest sort — option ARMs, subprime mortgages and home-equity loans.

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By mid-2008, WaMu's problem loans had ballooned to $9.7 billion. The bank had to set aside nearly that much to cover losses, and it lost a staggering $7.9 billion in the first half of the year alone.

WaMu's acquisition spree, along with its plan to open branches in metro areas from coast to coast, was meant to transform the stodgy Northwest thrift into a national consumer-banking powerhouse. And it worked, for a while. By 2002, WaMu was the sixth-largest financial institution in the country. The stock hit its all-time high of $46.55 on Nov. 23, 2003.

• In its headlong pursuit of growth, WaMu systematically dismantled or weakened the internal controls meant to prevent the bank from taking on too much risk — the very standards and practices that had helped it grow in the first place.

WaMu, Killinger told the Lehman Brothers conference, had tightened its lending standards, could access plenty of cash, and was "picking and choosing carefully" when it came to making new loans.

Inflated appraisals meant WaMu could write bigger loans against a given property — sticking borrowers with bigger payments in the process. They also meant a given loan amount would be a smaller percentage of the home's appraised value, making the loan appear less risky.

Execs say WaMu fell victim to the economy &emp; but WaMu caused its demise by embracing risky loans and dismantling safeguards.

An internal "Corporate Risk Oversight Report," dated September 2005, noted that the model's ability to predict losses "is untested on products with the potential to negatively amortize" — that is, products like the option ARM.

By Drew DeSilver

If Countrywide's unofficial motto was "Price any loan!", WaMu's response was "The power of yes." In ways large and small, the company made it clear that it wanted its loan consultants to make a lot more loans — especially the riskier but potentially more lucrative ones.

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After its collapse, Killinger and other leading WaMu executives repeatedly deflected responsibility, saying the company fell victim to a housing slump turned global credit crisis that they foresaw but couldn't outrun.

Even the most notorious murder case of the 1990s made a cameo appearance, as Chapman learned in early 2007.

WaMu opened its new headquarters building above the Seattle Art Museum in 2006. Two years later, the bank was seized by federal regulators.

WaMu also has been accused, by individuals as well as New York Attorney General Andrew Cuomo, of pressuring appraisers — its own and outside contractors — to inflate the value of real estate.

• WaMu's riskiest loans raked in money from high fees, but because the bank skimped on making sure borrowers could repay them, they eventually failed at disastrously high rates. As loans went bad, they sucked massive amounts of cash that WaMu needed to stay in business.

Part two | Inside the WaMu collapse

"Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife's parents," she recalled. Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan.

In response, WaMu managers said the model had been tested on historical loan data, including option ARMs, from 1999 through 2004, and that the only action needed was to clarify the model's documentation.

The most direct way was by paying them more to do so. A compensation grid from 2007 — the same year Killinger told investors that WaMu was reining in its home-loans operation — shows the company paid the highest commissions on option ARMs, subprime loans and home-equity loans: A $300,000 option ARM, for example, would earn a $1,200 commission, versus $960 for a fixed-rate loan of the same amount. The rates increased as a consultant made more loans; some regularly pulled down six-figure incomes.

Banks have to set aside money to offset loans they expect to go bad. When more loans do so than anticipated, the bank has to add more money to its loss reserve — cutting into profits.

Kerry Killinger, right, rang the bell at the New York Stock Exchange in 2002. "Kerry's view of himself was tied to a constant increase in the stock price," said Fay Chapman, a former WaMu chief legal officer. "He was fixated on it."

• WaMu's subprime home loans failed at the highest rates in nation. Foreclosure rates for subprime loans made from 2005 to 2007 — the peak of the boom — were calamitous. In the 10 hardest-hit cities, more than a third of WaMu subprime loans went into foreclosure.

JB REED / BLOOMBERG NEWS

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But Davis and other executives from American Savings "didn't want to give it up. It was what they knew how to do, and they made a huge amount of money on it."

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Talk to people who worked with Killinger, and the same phrases and adjectives keep coming up. Ambitious. Quick study. Smartest guy in the room. And always, always optimistic.

"I don't think Killinger intentionally set out to cut corners," said one senior executive who spoke on condition of anonymity. "But he certainly created an atmosphere in which doing the easy thing rather than the hard thing was OK."

The first of two parts

VIA BLOOMBERG NEWS

And as WaMu was loading up on option ARMs and other exotic loans, the computer model it used to determine how risky its portfolio was had not been updated to fully take such loans into account.

In fact, in the 10 cities with the worst foreclosure rates on less-than-prime loans from 2005 to 2007, Long Beach Mortgage had the highest failure rate in eight of them, according to an analysis last year by the federal Office of the Comptroller of the Currency. Its dismal performance included 22 percent in Miami, 41 percent in Sacramento and 54 percent in Cleveland.

LARA SWIMMER / VIA BLOOMBERG

WaMu also began allowing more "low-documentation" loans — those in which a borrower didn't need to submit bank statements, pay stubs or other proof of earning enough money to repay the loan. Instead, the company leaned more and more heavily on credit scores, which could be ascertained while the borrower was still on the phone.

"It didn't fit our culture," Lannoye said. "It's hard to say you're a 'friend of the family' when you have an entity like Long Beach that's making loans to people at higher rates than they had to pay because they didn't know any better. I didn't want to have to sit in front of a regulator and explain why an African-American borrower (from Long Beach Mortgage) was paying two percentage points higher than a borrower from WaMu."

As WaMu was weakening its lending standards, it was making sure its underwriters and credit-risk managers wouldn't get in the way.

From a California-only product, option ARMs became widespread during the housing bubble, despite warnings from consumer advocates. The nonprofit Center for Responsible Lending called them "toxic mortgages" because of the threat of steep-payment shock and because the low teaser rates and minimum payments made them "ideally suited for misrepresentation."

In effect, WaMu had run through the billions of dollars it raised that spring from outside investors — not in building the business, but in shoveling cash into the hole it had dug for itself. And no one could tell how much deeper the hole would get.

Option ARMs posed two big risks to borrowers: The interest rate adjusted monthly, rather than annually as with most standard ARMs, and once the unpaid interest hit a predetermined cap, the loan would effectively convert to a fixed-rate loan — typically with much higher monthly payments.

WaMu's overall business strategy fueled its implosion. Since riskier loans had more profit potential than safer loans, the bank paid its loan consultants and independent mortgage brokers more for making them. It pressured appraisers to inflate home values. It told its underwriters to find ways to make loans "work," regardless of WaMu's own standards.

Killinger backed the push to generate more and more mortgages to be packaged and sold, allowing that to dominate the entire home-loan operation. WaMu turned again to California for its entree to the murky world of subprime lending, buying Long Beach Mortgage in 1999.

But Killinger also is repeatedly described as avoiding confrontation and uninterested in the nuts-and-bolts details of WaMu's business. He declined to respond to specific questions posed by The Seattle Times.

Risk managers were to rely less on examining borrowers' documentation individually and more on automated processes, Melissa Martinez, WaMu's chief compliance and risk oversight officer, wrote in the memo.

Countrywide "was held up as the competitor, because they would do anything — low-doc, no-doc, subprime, no mos jordan basketball shoes,jordan football shoes,jordan melo,jordan xx,jordan casual...here you can choose all kinds of jordan basketball shoes.ey down," said Tom Golon, a former senior home-loan consultant for WaMu in Seattle. The WaMu staff was subjected to "total blanketing — e-mails, memos, meetings set up so people understood that this was what the company wanted them to do."

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Option ARMs have become notorious as one of the main drivers of the mortgage bubble. With an option ARM, payments were based on a low "teaser rate" for the first few months (later just one month); then the rate adjusted and the "option" feature kicked in.

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Coming Monday: Inside the WaMu collapse

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But for the next 3 ½ years the shares languished, seldom rising much above $45 or falling below $40. This only confirmed Forbes magazine's description of Killinger's cherished company as "the world's tallest midget."

More than $17 billion flew out the door between Sept. 5 and 25, when federal regulators finally pulled the plug on Killinger's dream of a banking Wal-Mart.

"Given recent production and interest rate trends," the report continued, "negative amortization is a major and growing risk factor in our portfolio." It recommended that the model be tested to make sure it predicted higher losses from negative-amortization loans, especially in times of economic stress.

In the end, said Bill Longbrake, WaMu's longtime chief financial officer, the bank failed because its leaders abandoned its historical balance between growth and prudence.

Originally published October 25, 2009 at 12:10 AM | Page modified December 23, 2009 at 5:28 PM

However, for most of that period option ARMs were a relatively small part of WaMu's loan mix, and they weren't marketed to the broad range of customers that they ultimately were. In fact, once the housing bubble popped the failure rate on option ARMs rose rapidly, and WaMu had to set aside billions more than originally planned to offset those losses.

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Mortgage rates are going up

Seattle Times business reporter

On Sept. 10, 2007, Washington Mutual CEO Kerry Killinger stood before an audience of analysts and money managers and assured them the Seattle-based thrift would come out of the housing slump stronger than ever.

"A cockeyed optimist"

"They were just nasty products — just awful for the consumers — and even at that relatively early date they were performing badly," Chapman said.

"He's a cockeyed optimist to the nth degree," one former associate said. "He always thought he could get out of whatever trouble he was in."

Soon after, WaMu's risk managers were called to an "all-hands" meeting at the company's posh new confere-our online store sells nike air jordans, jordan shoes, nike basketball shoes, jordan retro, jordan sneakers, nike air rift, nike lebron james,ce center near Seattle-Tacoma International Airport. Dale George, a former senior credit-risk officer in Irvine, Calif., recalled that Martinez emphasized "the softer side of risk management" at the meeting.

"He only wanted production," said Lee Lannoye, WaMu's former executive vice president of corporate administration. "It was someone else's problem to worry about credit quality, all the details."

"You have to be willing, when the external world is haywire, to lose market share and profits," he said. "They could have stepped back."

Most viewed images

Over at Long Beach Mortgage, the subprime unit was making a lot of 2/28 and 3/27 ARMs, in which the interest rate was fixed for two or three years but floated afterward.

What controls?

Up to that point, WaMu held on to most of the mortgages it made. Now it began bundling ARMs and certain other mortgages into securities and selling them off — pocketing hundreds of millions of dollars in fees immediately, while offloading any potential repayment problems.

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In an internal newsletter dated Oct. 31, 2005, and obtained by The Seattle Times, risk managers were told they needed to "shift (their) ways of thinking" away from acting as a "regulatory burden" on the company's lending operations and toward being a "customer service" that supported WaMu's five-year growth plan.

Then-Washington Mutual CEO Kerry Killinger appears at a housing forum in December 2007. Earlier that year, even as the company grappled with rising loan defaults, he told analysts it was a great time for WaMu to take on new loans.

Those traits all would play roles in WaMu's demise.

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First Call: BC Child & Youth Advocacy Coalition is a cross-sectoral, non-partisan coalition. Our coalition is made up of 90 provincial organizations and 25 mobilized communities. In addition, we have a network of hundreds of community groups and individuals.

BC's Representative for Children and Youth supports children, youth and families who need help in dealing with the child welfare system, and advocates for changes to the system itself. Find out more at www.rcybc.ca, or call 1-800-476-3933 to speak to an advocate.

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This month’s slide show focuses on face illusions and their neural bases.

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