City Hall

Not Schadenfreude, Swear. Really, Just Something to Chew On.

Two days before Washington Mutual became the biggest bank failure in U.S. history, board member Tom Leppert received more than 2,000 shares of WaMu stock, increasing his holdings to more than 21,000 shares. The price listed on the SEC filing -- from yesterday -- of $3.20 per share valued his total stock holdings at $68,572, which plummeted to $1.69 per share yesterday.

Today, Mayor Tom's stock is now worth about $3,428 and falling fast, amounting to a three-day loss of a whopping $65,144. In the grand scheme of things, this is like losing 20 bucks to you and me, so we're thinking Leppert isn't taking it too hard.

But what's more of a concern are his ties to WaMu, not only serving on the board of directors, but also on the bank's audit committee and corporate relations committee, along with chairing the governance committee, which evaluates the board and selects members.

In April, $7 billion of capital was put into the bank, yet only five months later, WaMu is no more. If Leppert, as a board member and audit committee member for WaMu, can watch $7 billion slip away seemingly into the night, can he be trusted to dip his hands into the pockets of Dallas taxpayers? Discuss.

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Sam Merten
Contact: Sam Merten