The National Review Does It Again

You may remember our coverage of the National Review’s stunning claim that there is an infinite supply of oil available for drilling. Now, they have outshined themselves in their coverage of the WaMu bank failure. From Mark Krikorian:

Cause and Effect?
I really thought this was a joke, but it’s not. WaMu’s final press release, before it sank beneath the waves (h/t Sailer):

WaMu Recognized as Top Diverse Employer—Again

He then quotes the press release which came from WaMu on the eve of their collapse:

WaMu Recognized as Top Diverse Employer—Again
Company ranks in top ten of Hispanic Business’ Diversity Elite and earns perfect score on the Human Rights Campaign’s Corporate Equality Index
SEATTLE, WA (September 24, 2008) – Washington Mutual, Inc. (NYSE:WM), one of the nation’s leading banks for consumers and small businesses, has once again been recognized as a top employer by Hispanic Business magazine and the Human Rights Campaign.

Hispanic Business magazine recently ranked WaMu sixth in its annual Diversity Elite list, which names the top 60 companies for Hispanics. The company was honored specifically for its efforts to recruit Hispanic employees, reach out to Hispanic consumers and support Hispanic communities and organizations.

The Human Rights Campaign, the largest national gay, lesbian, bisexual and transgender (GLBT) civil rights organization, also awarded WaMu its second consecutive 100 percent score in the organization’s 2009 Corporate Equality Index (CEI), which measures progress in attaining equal rights for GLBT employees and consumers. WaMu joins the ranks of 259 other major U.S. businesses that also received top marks in the annual survey. The CEI rated a total of 583 businesses on GLBT-related policies and practices, including non-discrimination policies and domestic partner benefits.

In both surveys, WaMu earned points for competitive diversity policies and programs, including the recently established Latino, African American and GLBT employee network groups, all of which have a corporate executive sponsor and champion.

“Diversity is an integral part of cultivating a welcoming, innovative and dynamic workplace here at WaMu. We are proud to be recognized for the opportunities and benefits we offer to all of our employees, including the specific efforts we have made to engage Hispanics and the GLBT community,” said Steve Rotella, WaMu president and COO. “We are committed to diversity at WaMu and pledge to listen to our customers and work closely with our employees to continue to make progress.”

These two recent honors build upon diversity recognitions WaMu received earlier in 2008. WaMu was named one of 25 Noteworthy Companies by Diversity Inc magazine and one of the Top 50 Corporations for Supplier Diversity by Hispanic Enterprise magazine.

In case you didn’t notice, Krikorian juxtaposed the failure of WaMu and the diversity of their workplace and wrapped it up with the title “Cause and Effect?” The National Review’s endorsement of this ridiculous viewpoint – that hiring Hispanic, African-American, and GLBT employees directly led to their downfall – is disappointing, but not surprising. We can argue all we want about encouraging diversity in the workplace, but anyone who blames the largest bank failure in American history on WaMu’s hiring of fully qualified minorities is simply a bigot.

Glenn Greenwald of Salon.com did a very nice job tearing apart the National Review for this as well.

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