Monday, April 14, 2008
WaMu - Whoo Hoo?
Barack Obama and Hillary Clinton continue to spar on the subject of NAFTA and in particular the cost to American workers if jobs continue to be outsourced to foreign countries.
Washington Mutual Inc. is cutting 3000 employees nationwide, and all their wholesale (third-party originated) loan fulfillment centers will be gone by the end of June. After lunch last Monday, local employees got an e-mail asking them to call into a "listen only" conference call at an appointed time. Employees dutifully dialed in to the Seattle call, only to be prompted to stay on the line for an additional 20 to 30 minutes with scratchy elevator music to sooth their jangled nerves.
Finally, Arlene Hyde, Home Loans Wholesale Director for Washington Mutual, got on the line and announced, "We're shutting down wholesale."