Unintended irony strikes deep. Into your soul it will creep.
“We hope to do to this industry what Wal-Mart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industry. And I think if we’ve done our job, five years from now you’re not going to call us a bank.”
— Kerry K. Killinger, chief executive of Washington Mutual, 2003
He was right, though not in the way he intended.
Starbucks sells something. They sell really bad coffee, but it’s still something.
Costco sells something. If you have a chest freezer, it’s a great place to shop.
Walmart sells something. Inferior products from cheap labor, but still, it’s things.
Lowes and Home Depot sell real things that weigh lots of pounds.
WaMu sold (note the past tense) boxes of air.
And now they are gone with the wind.
They are truly not a bank.
At least, not any more.