By Bryan Jones, UW professor of political science
Back again is that successful Seattle company, Washington Mutual. I noted here not long ago that WaMu paid its executives bonuses even though they lost almost two-thirds of the company's value (assessed by its stock price) during the year. Today a Wall Street Journal article reports that the company has devised a new strategy for giving its executives bonuses that holds them harmless for losses involving the bad mortgage loans they authorized.
Socialism for the rich, free enterprise for the poor....