This blog warned Dallas voters that Republican Tom Leppert is a greedy bastard who could not be trusted. Here’s the proof.
The Washington Mutual (WAMU) Board moved on March 3rd to protect the compensation of top executives from the damage they caused in the current home foreclosure scandal. This blog is not surprised to learn that Dallas Mayor Tom Leppert sits on the WAMU Board of Directors.
Since Mr. Leppert has not resigned from the WAMU Board in protest, Mr. Leppert apparently bleilieves that foreclosing on the homes of millions of Americans in the name of corporate profits is the proper set of values for Leppert, who campaigned for mayor on his “Christian” values.
WAMU’s greed backfired and damaged their financial position. Apparently, Mr. Leppert takes the positon that its the thought and the effort that counts. The important thing is that WAMU executives screwed millions of homeowners and, therefore, deserve to have their bonuses and other compensation protected – even if the Board’s action further damages the shareholders.
We wonder if Dallas voters will remeber Mr. Leppert’s despicable action when he runs for re-election.
Sadly, Democrat Regina Montoya is also on the WAMU Board. We respectfully suggest that Ms. Montoya would be much happier in the Republican party. Further, we denounce the hypocrisy shown by Ms. Coggins in rewarding WAMU executives for screwing Homeowners – many of whom are Latino – while serving as CEO of the New America Alliance. We question what the NAA actually means by their claim to be a “Latino empowerment and wealth building” organization. Will the NAA do the right thing and demand Ms. Montoya’s resignation? We doubt it.
WaMu Board Shields Executives' Bonuses
By VALERIE BAUERLEIN and RUTH SIMON
March 5, 2008; Page A3
The board of Washington Mutual Inc. has set compensation targets for top executives that will exclude some costs tied to mortgage losses and foreclosures when cash bonuses are calculated this year.
The move, approved last week and disclosed in a securities filing late Monday, essentially shields the pay of chairman and chief executive of the thrift, Kerry Killinger, and more than 100 other executives from the continuing mortgage fallout.
Washington Mutual has been hit hard by the housing crisis. The nation's largest thrift by market cap is exposed to some of the worst housing markets in the U.S., where home values are sinking and foreclosures are soaring.
