Washington Mutual going under:

Their retail deposits went up on Q2 but the total deposits went down, with all these reports from just about every major side we could see runs start
 
It's similar to recent weeks where LEH, and then FRE/FNM were the market, because the direction of those stocks was the direction the main indices travelled

Quote from Daal:

Their retail deposits went up on Q2 but the total deposits went down, with all these reports from just about every major side we could see runs start
More...
 
Maybe it's just a case of people having a delayed reaction to news.

The OTS supervision information was out pre-market, when the stock was above $5.

Yet it was only after 9.30am when it fell over 20% to below $4.

Does anyone have any further info?

http://biz.yahoo.com/bw/080908/20080908005709.html?.v=1

WaMu also announced that it has entered into a Memorandum of Understanding (MOU) with the Office of Thrift Supervision (OTS) concerning aspects of the bank’s operations, principally in several areas of its risk management and compliance functions, including its Bank Secrecy Act compliance program. In addition, WaMu has committed to provide the OTS an updated, multi-year business plan and forecast for its earnings, asset quality, capital and business segment performance. The business plan will not require the company to raise capital, increase liquidity or make changes to the products and services it provides to customers.
 
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