Are banks profiting by not cracking down on fraud? Many banks now manipulate customers' withdrawals in time sequence and give customers a misleading balance figure that does not show their recent withdrawals.
In the wake of the financial crisis, there is plenty of blame to go around. Everyone can look in the mirror and learn something. That goes for CEO's, managers, analysts, rating agencies, fund managers and shareholders.
Criminal charges are likely to be filed against some of WaMu's former executives. But WaMu isn't the only bad actor from the financial crisis. This is basically how the entire U.S. mortgage market operated.