‘Too Clubby to Fail’

To the annals of “mild semi-regret” on Wall Street–deftly detailed by Max Abelson in this morning’s Observer–add the explanation from Washington Mutual’s former CEO, Kerry Killinger,  for why his bank–the largest ever to fold–just happened to fail. From The Times:

“I just don’t think the company was treated in the same equal-handed, fair manner that all other financial institutions were,” Mr. Killinger told Mr. Levin, the chairman of the subcommittee, adding that “those that were part of the inner circle and were ‘too clubby to fail,'” were allowed to survive.

If there is, in fact, a secret Wall Street club of foolproof banks, the president must surely be Jamie Dimon–the rock star JPMorgan CEO and friend of President Obama. “I am unaware of any club,” Mr. Dimon told reporters this afternoon.

Either way, we sincerely hope Mr. Killinger publishes a memoir under this title. ‘Too Clubby to Fail’