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Washington Mutual
Washington Mutual
"As you'll recall, I have been pretty pessimistic on the housing market for the last couple of years... so... we've been diversifying our mix of businesses.... We tightened underwriting, we decreased production volume by about half in the subprime area... and we decreased the subprime portfolio.... As the housing market has softened as expected, what I have really seen is a continued very good performance out of most parts of the portfolio." -- CEO Kerry K. Killinger on Jan. 17, 2007

Time to Armageddon: 12 months

Seized on Sept. 25, 2008, by bank regulators, the largest bank failure in U.S. history. Then sold to J.P. Morgan. Under scrutiny by federal prosecutors in Seattle and by the SEC.

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Last updated January 06 2009: 12:16 PM ET
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Wall Street: It's payback time
Wall Street: It's payback time
An angry mob of investors and taxpayers is assembling, and they want to see some executives' heads on pikes. The question for the courts will be, Who was just foolish with our money - and who was lying, cheating, and stealing? More
Three days that shook the world
Three days that shook the world
Exactly three months ago, the collapse of Lehman triggered a global financial panic. Fortune examines what happened in the 72 hours when the world's most powerful bankers met to try to save Lehman and wound up changing the face of Wall Street forever. More
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