If it's drawn then yes it is a liability. Having an actual line of credit is not a liability. I have a $5000 limit on my credit card but zero debt b/c I haven't drawn from it.
The previous poster stated that WaMu was healthy in 2008 b/c they were eligible to use a $50BB line of credit. The premise and the reasoning in that statement are both flawed. WaMu was obviously not healthy in 2008 and having a line of credit from the Fed Reserve or whoever else isn't proof that WaMu was healthy.
Also, WaMu's peak market cap was in late 2006/early 2007, so whatever line of credit they had later in 2008 is irrelevant. The fact is, WaMu has never had a book value of more than $60BB even during it's most profitable and thriving years. The amount of assets on WaMu's books are also irrelevant--what matters is the net tangible assets/ book value in order to value a bank b/c they operate on leverage.
Last week I had to prove posters wrong on the U board about how much JPM is worth b/c of flawed opinions that have been thrown around for quite sometime w/o the facts to back them up. The statement that WaMu was ever worth $300BB, let alone that being it's value at the time of seizure is completely false yet it gets mentioned constantly as if it's a fact. Carrying $300BB of assets on a bank's books is completely different than actually being valued/worth $300BB.
It's only worth mentioning and correcting b/c I feel it is important for people to actually know the facts instead of false ideas if we're here to have an educated discussion. I also feel that it's a shame when people make an investment based on false facts b/c I've been hurt from it as I'm sure many others have also.
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