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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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