Washington Mutual (WAMUQ.PK) inches closer to exiting bankruptcy after reaching a deal to quiet...

|By:, SA News Editor

Washington Mutual (WAMUQ.PK) inches closer to exiting bankruptcy after reaching a deal to quiet shareholder protests over its $7B exit plan. It won't be a bank anymore; it'll be primarily a vehicle for tax breaks. The tentative pact gives shareholders equity in a reorganized WaMu that may be positioned to take advantage of $5B worth of tax breaks.