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U.S. Banks: Washington Mutual is not a good sign!

Posted by Adam Lass on April 14, 2008

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“Call me paranoid, but when the bullets are flying and the bodies are falling, I’m inclined to worry that I might be next. As for the big banks (investment and otherwise), Bear Stearns is not in anyway shape or form the last man to hit the ground.” — Adam Lass

by Adam Lass

Baltimore – (TFN): A contact of mine recently commented that the demise of Bear Stearns marked the greatest buy signal in the world. “It’s all uphill from here, Buddy!”

Why, I asked him, would one more corpse in a long string indicate a turning point for the stock market?

“They’ve got to run out of victims sooner or later,” he replied. “Besides, all the skeletons are out of the closet now.”

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That’s it. That’s what the bulls have for you. “We’re all out of blood, so it must be the end.” Yeah, someone’s end is coming, “Buddy.” Yours!

Call me paranoid, but when the bullets are flying and the bodies are falling, I’m inclined to worry that I might be next. As for the big banks (investment and otherwise), Bear Stearns is not in any way, shape or form the last man to hit the ground.

U.S. Banks: Washington Mutual takes a hit

Even since that massive, ill-thought out (and possibly illegal) Bear Stearns bailout took place, we’ve heard more and more strange news from the banking sector. Sometimes it’s hard to make out the exact nature of this news, what with all the smoke in the air (gun smoke, I suppose, if we are going to play this metaphor out to its bitter end.).

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Just the other day, the United States’ largest savings and loan, Washington Mutual (WM: NYSE), announced that it will lose $1.1 billion during the first quarter of 2008. What’s more, WaMu is being forced to take another $3.5 billion out of circulation so as to armor itself against further writedowns.

While there have been so many massive writedowns recently, this episode is particularly instructive. Both figures are a bit larger than Wall Street had projected — by an order of magnitude! Read on to learn more.

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Posted by Adam Lass · Filed Under US Stocks and Markets