Tom Usher wrote or added | "At...Golden West...selling option ARMs for two decades, deferred interest made up about 59.6% of the bank's earnings in the first half of 2006. 'It's not the loan that's the problem,' says Herbert M. Sandler, CEO of World Savings Bank, parent of Golden West. 'The problem is with the quality of the underwriting.'"
However, he went along with the market to stay in business but sold before the bust. (Unethical?)