WASHINGTON MUTUAL GOES "WAHOO"

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As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion. Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

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WM Research | Washington Mutual, Inc. Research
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WASHINGTON MUTUAL GOES "YAHOO"


On September 24, 2008 the highly respected firm of Standard & Poors issued its analyst report on Washington Mutual (NYSE: WM). Millions of investors rely on Standard & Poors and other analysts for their unique insight into listed stocks. They devour these reports and make investment decisions based on them. It's the American way of investing, fostered by the financial media and the securities industry. The report gave WaMu three stars (out of five) and advised investors to "hold" the stock. Its three star rating meant "total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis." While the report noted that the risk of the stock was "high," it set a twelve month "target price" of $4 anOn September 24, 2008 the highly respected firm of Standard & Poors issued its analyst report on Washington Mutual (NYSE: WM). Millions of investors rely on Standard & Poors and other analysts for their unique insight into listed stocks. They devour these reports and make investment decisions based on them. It's the American way of investing, fostered by the financial media and the securities industry. The report gave WaMu three stars (out of five) and advised investors to "hold" the stock. Its three star rating meant "total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis." While the report noted that the risk of the stock was "high," it set a twelve month "target price" of $4 and justified its projection with some very sophisticated reasoning involving price-to-book multiples. The analyst predicted an "increase in net margins in 2008" and noted that WaMu was likely to "... benefit from an improving yield curve, the addition of higher-yielding credit card receivables, and the repositioning of its balance sheet, which included the sale of low-yielding loans and securities."d justified its projection with some very sophisticated reasoning involving price-to-book multiples. The analyst predicted an "increase in net margins in 2008" and noted that WaMu was likely to "... benefit from an improving yield curve, the addition of higher-yielding credit card receivables, and the repositioning of its balance sheet, which included the sale of low-yielding loans and securities."

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