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Stocks W / Washington Mutual Inc.


Subject:  Re: NYT On WAMU Date:  12/29/2008  10:02 AM
Author:  katinga Number:  2671 of 2677

Why should the government prohibit some kinds of loans? Just letting WAMU go bust was the right thing to do ---- and I did NOT sell off my stock.

I had the fortune of making a substantial profit on the stock in the late 90s-early 00's (partly making up for my ATHM loss--everyone needs to hold a stock until the bitter end--it's a life list entry to check off), selling when the price stagnated, but following it off and on ever since. Not sure when the exploitation of Latinos and kick backs to real estate agents began.

It's horrifying to see the corruption that was going on within "The Friend of the Family", as the company styled itself in the 60s, and where I had a passbook account since circa 1962 while I was in grade school, with my parents giving me a few quarters to deposit in an envelope and give to the teacher along with the passbook. The passbook would come back and I would see the numbers increase, including a bit of interest from time to time--I was hooked on saving money! I finally cashed in the passbook as a young adult, watching the teller run it through the machine one last time, printing a string of interest payments in.

Oh, and we've still got a checking account and safe deposit box at the WaMu here in TX--so I guess it's still somewhat a friend of the family, since the name was preserved, like the smile on the Cheshire cat.
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