WaMu (WM) down to $3.60, Kerry you’re Fired
Source: http://thestockmasters.com/wm-090808.htmlPosted on Monday, September 8th, 2008 | In Market Commentary
The mess that is Washington Mutual, Inc. (NYSE:WM) continues to be hit today, shares of WM are down 15% back down to the $3 level. Like the Masters said back in October 07, your days may be numbered as CEO Kerry, people are pissed.
Fellow Masters, before you buy shares on the dip, wait for the dust to settle. Washington Mutual has lost $6.3 billion in the last three quarters, and said losses in its one-family residential mortgage portfolio could approach $19 billion through 2011.
The thrift signed a memorandum of understanding with its chief U.S. regulator, the Office of Thrift Supervision, that requires improvement in its risk management and compliance.
It also agreed to provide a multiyear business plan to the regulator, including a forecast for earnings, asset quality and capital. Washington Mutual said the plan will not require it to raise capital, boost liquidity or cut products and services.
But great stuff for the new WaMu CEO Alan H. Fishman will receive a $10 million signing bonus, including $2.5 million in performance-linked stock. His salary will be $1 million, with options to buy 5 million shares. God Bless America.
Last 5 posts by Ben Stevens
- Coal not so cool today: Arch Coal, Peabody fall hard (ACI, BTU) - September 2nd, 2008
- Another blow to the already beat down Whole Foods (WFMI) - August 10th, 2008
- $7 Buys you a pillow but not one share of JetBlue (JBLU) - August 4th, 2008
- AMD: Finally worth a look - July 19th, 2008
- WaMu: Perfect Timing - June 2nd, 2008
Alan H. Fishman, America, cut products, Kerry, Market Commentary, Office Of Thrift Supervision, United States, USD, Washington Mutual Inc, Wm
 About Ben Stevens (http://thestockmasters.com)
Ben Stevens previously ran the Stevens Stocks investing website. Ben's analysis and original reporting centers on events important to investors investing in the most active and popular stocks, mutual funds, ETF's, and bonds. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.