Saturday, October 31, 2009 5:56:34 PM
$27B Mortgage portfolio even with 20% default = $5.4B which is far less than the CASH in WMFsb.
The only mistake that WMI made was not protecting themselves with offshore accounts and investments. If they had most of their cash in Carribean, European or Chinese/Japanese banks/investments accounts, when the FDIC came for the cash, they would not have found nothing there. WMI would be the only signatories to the account.
They played the pawn game properly because WMI has several subs and impressive wind energy business.
The lesson for WMI is CASH is KING but just like chess the king is weak and need a lot of protection.
For Ye shall know the truth, and the truth shall set you free
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