Readers,
This additional detail on the spectacular demise of Westsound Bank from the Seattle Times:
http://seattletimes.com/html/businesstechnology/2020173350_westsoundonexml.html#bank_people
Rachel Pritchett
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Sadly, I can’t say there’s any surprises in the article though…
I’ve always felt a bit sorry for Klaus, he had such high hopes and dreams for Westsound.
I hope this will be reported about on this side of the water. So many white collar criminals are going unpunished. At least we should hear about their crimes so people who do business with them in the future will know what they are getting into.
I, too, hope there will be a follow-up article about the Westsound Bank major players and what they are doing now. It sounds like none of them got jail time, and I wonder if any had personal losses beyond their stockholdings in the bank (if they didn’t sell when they realized they were in trouble). Sounds like liability insurance and tax payers (via the FDIC) paid for their reckless and greedy decisions.
None of the “players” were held personally responsible even though they personally profited. The FDIC spent a bundle to investigate and was able to get some money (too little) back. Are our banking laws that lacking that they could not even bar these folks from the industry?