Why Banks Fail

A number of blogs are quoting this but I can't resist. The Seattle Times did an article on the collapse of Washington Mutual and it includes the following…

"Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife's parents," she recalled. Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan.

"When I asked how we could possibly foreclose on it, they said there was a letter in the file from O.J. Simpson saying "the judgment is no good, because I didn't do it.'"

Hey, it's not as if he'd lie about such a thing.