http://seattletimes.nwsource.com/html/businesstechnology/2008204423_webwamufacts25.html
Check the above article if you are a depositor, borrower, stockholder or employee of WAMU
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Mockery of investors:
In AH, WM was tanking. I think people who sold wamu were stupid. They probably didn't read the investor relations from WAMU. I really don't know whether to laugh or cry on this -
From http://investors.wamu.com/irweblinkx/corporateprofile.aspx?iid=102028
“WaMu’s strong brand and irreplaceable retail banking franchise have enormous potential, especially in today’s environment, and I am thrilled to have this opportunity to create value for shareholders.”
-- Alan H. Fishman, upon his appointment as WaMu’s CEO on September 8, 2008
NOTE - Right next to this quote, some intelligent person decided to put a market summary module of WM only to show the change in WM stock price of -25.22%.But, hold on:
From, http://www.nytimes.com/2008/09/26/business/26wamu.html?bl&ex=1222574400&en=cd491cbff8aac3b9&ei=5087%0A
But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.
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Talk about making money in someone's demise. How fast the government is putting together a big bailout, I am not so sure about their plan.
Bailout - Where is your money going?
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