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Author: SteveTheInvestor Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2676  
Subject: Re: NYT On WAMU Date: 12/28/2008 12:06 PM
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Very pathetic. I sold WM at around $40 because they were smelling more and more like CountryWide. I suspected WM had problems but I didn't guess it was as bad as it was. It seems the entire organization was a boiler-room operation. Simple greed and a complete lack of oversight will get you every time. Hopefully our new government will outlaw Option ARM's and stand over lenders with a baseball bat in the future.

A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.
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