Washington Mutual going under:

Quote from Landis82:

Lehman came out and said today that WM has potential to write-off another $25-26 Billion.

Dick Bove at Ladenburg, Thalman also mentioned that their non-performing assets ratio to reserves and common equity is 40.6%

Above 40% is a danger zone, says Bove.
More...

Bove is a buffoon.

He's been bullish on the financials (especially C and BAC) since January. Now he's worried about "danger zones"??

Another pathetic analyst.
 
Lehman says Wash Mutual needs to add "substantial" reserves

By Greg Morcroft
Last update: 12:35 p.m. EDT July 14, 2008

NEW YORK (MarketWatch) -- Lehman Bros. analyst Bruce Harting told clients Monday that he expects Washington Mutual

WM 3.47, -1.48, -29.9%) will have to add substantial reserves for loan losses and that it is unlikely to be profitable until at least the second half of 2009. "As Washington Mutual builds reserves to cover these losses, it should remain unprofitable until credit costs normalize around the second half of 2009. After taking a provision of $3.5 billion the first quarter of 2008, we expect Washington Mutual will take a $4 billion provision in the second quarter, building reserves to $6.9 billion, producing another large loss for the quarter. We estimate a loss per share of $1.48," Harting said. Shares of Washington Mutual traded down about 30%, to $3.50.
 
I FINALLY got my sister and one of my good friends to yank out all their cash today in WaMu accts....I have been hawking these guys for several months and they finally pulled the trigger today. I mean, why in the heck keep accts at a bank that is trashed financially??? :confused:
 
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