Tough times at WaMu

While analysts generally applauded the move by Washington Mutual to exit the wholesale mortgage business and shutter retail loan centers, there is always a human toll to such moves. Business Week takes pains to note that among those who were let go were a group of high-performers who had just spent a lavish week in the Bahamas on a junket for their production. Many of these people--some were members of the President's Club--will find work at other companies. Still, this is an example of the big come-down in the industry. The excess has been eliminated. The most they can hope for is a gradual return to normal; the silly-season days are over. That's a good thing.  

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