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WaMu CEO Made Big Mistakes

December 13, 2007 | About:
10qk

Dreman, who said he is holding onto his stake in WaMu, said the bank was likely to ride out the storm from subprime lending because of its significant earnings from a strong banking franchise, one of the largest in the United States.

Washington Mutual (WM) Chief Executive Kerry Killinger has made some big mistakes and ranks among the major executives who have mismanaged their companies, one of the troubled mortgage lender's largest investors said on Tuesday.

"He's up there with the senior executives who steered these major institutions the wrong way," said David Dreman, chairman and chief investment officer of Dreman Value Management LLC.

"He's made some pretty big mistakes," Dreman said in a telephone interview. "He's been very good at building the company, but he's been very bad at some of his decisions."

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kfh227
Kfh227 premium member - 7 years ago
Sold it, won't miss it.

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