The Lost Bank

The Lost Bank

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Grind, Kirsten Simon & Schuster, Inc., 2012
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IN THIS SUMMARY

When Kerry Killinger took the helm of Washington Mutual in 1988, he increased the bank’s size—and the speed of its growth—exponentially. With the motto “The Power of Yes,” WaMu bought and sold billions of dollars of subprime and Option ARM mortgages, becoming of the biggest banks in the country. But that growth also led to its downfall, as the FDIC shut them down in 2008, making WaMu the biggest bank failure in US history. In The Lost Bank, Kirsten Grind details the rise and fall of WaMu, tracing its history as both a driver and a victim of the subprime mortgage boom and bust.