SPEED ALSO KILLS BANKS

In another installment of its series on the Big Shitpile, the NYT informs us about a supervisor at a mortgage processing center for Washington Mutual who was openly doing meth at work. Further down in the article, the Times offers more evidence of the perverse incentive system WaMu was operating under:

Because WaMu was selling many of its loans to investors, it did not worry about defaults: by the time loans went bad, they were often in other hands.

This is exactly the kind of poor "market design" that Barry Ritholtz pointed out helped create the Big Shitpile.