In Sept. 2008, in what was “by far the largest bank failure in American history,” the federal government seized savings and loans giant Washington Mutual (WaMu) and later sold its assets to JP Morgan Chase. Politico reports that two years earlier, with WaMu at the center of the expanding subprime-mortgage bubble, company lenders gathered at a retreat in Hawaii to celebrate their wealth — by rapping. In a “Karaoke-style ode to greed – complete with faux WaMu rappers tossing play money into the crowd,” lenders re-mixed the 1992 hip-hop hit “Baby Got Back” into their own “I Like Big Bucks”:
“I like big bucks and I cannot lie/You mortgage brothers can’t deny,” sang the WaMu rappers.
The presentation, which included cheerleaders moving in time to the music, and choreographed moves by the singers, continued:
“That when the dough roles in like you’re printin’ your own cash/And you gotta make a splash/You just spends/Like it never ends/“
WaMu bankers also staged a mock funeral for their competitor, Countrywide Financial, which had already fallen under the weight of its own high-risk loans. WaMu, however, soon followed. Indeed, a new federal investigation to be released Friday concluded that the agencies tasked with overseeing WaMu “feuded so much that they could not even agree to deem the company ‘unsafe and unsound'” until a week before it collapsed. (HT: Raw Story)