By John Asante
What's even worse than making risky subprime loans? Joking about the money made off of the "mortgage time bombs."
During Washington Mutual's annual "President's Club Awards Dinner" held in Kauai in 2006 -- before the huge bank failure -- the lenders decided to jazz up the retreat with an ode to Sir Mix-A-Lot. With an arsenal of cheerleaders, choreographed moves, and dolla' bills to toss into the audience, a few WaMu employees took to the stage to perform their greed-filled version of the 1992 classic: Baby Got Back."
Unfortunately, neither audio nor video from the performance have been uncovered (which may be for the best). But at least the lyrics surfaced at yesterday's Senate Permanent Investigations Subcommittee hearing. Here are the first two verses:
I like big bucks and I cannot lie/You mortgage brothers can't deny
That when the dough roles in like you're printin' your own cash
And you gotta make a splash
You just spends
Like it never ends
Cuz you gotta have that big new Benz
All of that bling you're wearin'
Shining so bright peoples starin'
It's crazy, I gotta ski Aspen
That's all I'm askin'
And the antics didn't stop there, according to Politico. Let's just say the folks at Countrywide would be "rolling in their graves" if they found out.