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"Seattle-based Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said."
Sep 25 23:34 pm
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All Comments by 1 of 4 »Hey, Congress, Guess What? WaMu's Toast [View article]
$307 billion of assets less $188 billion of deposits (and dropping fast) = $119 of Jr. Capital and Equity they did not have. With the dropping deposit base, they could not fund the carry of those assets and like others, they could not sell them for anywhere near what they had them on the books for. And so the great WAMU that brought us Starbucks style "Ocasio" branches in strip malls finishes its circle around the drain.
Disclosure: worked for WAMU from 2001 to 2003 in their failed effort to build a commercial bank. Saw first hand their shoddy mortgage machine. Sold options at $45 and $46. Happily in line with a shovel at their funeral.