I told you this was ugly. This makes suspect the valuation of all financials. 100% DILUTION! $8.75 secondary offering of common. This is so ugly. Preferred shares too means death-spiral financing.

WAMU WAS ESSENTIALLY GOING BANKRUPT AND WERE BAILED OUT. You mean to tell me that the stock market has priced-in the possibility of the nations largest S&L going bankrupt? Are you kidding me. – Best, Mr Mortgage