Washington Mutual Preferred fka WAMPQ

[HROLLER]

You're very wrong in that statement. Wamu had enough cash to survive and they already wrote down their loans to reflect it on their books. One example, "Project Fillmore"

Unfortunately for us, at the time of the taking, prices were spiraling downward at an unprecedented pace (which is why WaMu didn't have the cash to cover the mark-to-market write downs of its loans).