The shutting down of WAMU no doubt is hastening the takeover of Wachovia. Talk about denial, insiders disputing how close it was to failing...That is simply incredible. WAMU had a portfolio of Option Arms, by far the most toxic mortgage instrument on the market today. They simply couldn't unload these assets on the open market for a price that would've allowed them to stay in business.
WaMu's desperate last days
http://seattletimes.nwsource.com/html/businesstechnology/2008210320_wamu28.html
Regulators and insiders paint a picture of a deeply troubled bank that only reluctantly put itself up for sale, though they dispute how close it was to failing.
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