Washington Mutual Preferred fka WAMPQ

[Wamook]

Well, the money belongs to WMI. It's on deposit at a JPM bank. Great big strong bank that JPM! And people have gone to a lot of trouble to preserve that image. Big Very Big! I mean Big and STRONG. That's JPM. STRONG!!!

They have taken a lot of trouble to preserve that image of strength In these troubled times! The thing is that JPM is now WRITING OFF tens of billions of dollars of bad loans!! Do you figure that all of the loans they are writing down come directly from WMI? Or just happen to be all written down at the same time and blamed on WMI?

This is one of those rare events in history where a lot of bodies are being buried in a very public way and it's suddenly OK to be writing down all the bad loans in all of the portfolios. But they just happen to mention it in passing while they talk about all the bad loans they are writing down from the bank that failed.

Not the STRONG SAFE BANK mind you. Most of their loans were MOSTLY good loans.... MOSTLY..... AHEM