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The Treasury Secretary was right. However, since the situation was clearly misperceived (through several iterations) and other companies made the same "mistake" and shareholders were treated much better, WaMu shareholders deserve some relief.

Particularly, preferred shareholders need to be treated at least a little differently. It is playing out right now. Why buy common or preferred stock if they are both subject to wipeout? Buy the debt yielding 18% for 50 cents on the dollar. Even if there is BK, you will get something. (I did this with Calpine).

Once the fires are put out, hopefully the arson squad will be allowed to do a thorough job. That is, every bonus paid executives going back several years should be returned.

Both Obama and McCain were candidates selling change. The voters just need to hold the politicians accountable (for once).
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