Episode Title: The Mortgage Machine: What Really Happened at Washington Mutual

In this episode, we break down the rise and collapse of Washington Mutual (WaMu) — the largest bank failure in U.S. history.

We go beyond the headlines to explore:

How Option ARM and subprime loans fueled rapid growth

Internal fraud findings (including loan files with 58–83% misrepresentation rates)

The incentive structures that prioritized volume over verification

Regulatory warnings that went unheeded

The 2008 bank run that led to the FDIC seizure

Why no senior executives faced criminal conviction

This episode examines not just what happened — but how risk becomes normalized inside powerful institutions.

FDIC – Washington Mutual Receivership Overview

FDIC – Failed Bank Information: Washington Mutual Bank (2008)

U.S. Senate Permanent Subcommittee on Investigations – Wall Street and the Financial Crisis Report (2011)

Washington Post – Senate Inquiry Findings on Washington Mutual

CNBC – “WaMu’s Failure Fueled by Fraud and Greed”

(Full report coverage can be found via the Senate investigation archives.)

The Sellout – Charlie Gasparino

The Big Short – Michael Lewis

All the Devils Are Here – Bethany McLean & Joe Nocera

Chain of Blame – Paul Muolo & Mathew Padilla

Too Big to Fail – Andrew Ross Sorkin

Corporate culture and risk normalization

Incentive-driven misconduct

Leadership blind spots

Financial crisis case study

Organizational failure

If this episode sparked questions or changed how you think about the 2008 crisis:

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Next episode: We may be diving into another major banking scandal — because Washington Mutual wasn’t alone.