"Only dull people are brilliant at breakfast" -Oscar Wilde |
"The liberal soul shall be made fat, and he that watereth, shall be watered also himself." -- Proverbs 11:25 |
Washington Mutual (WM), a company that once considered itself the Starbucks (SBUX) of banking, now has a stock price lower than that of a latte.
Shares of the Seattle company, the nation's largest savings and loan, fell 27% on Sept. 15, to $2 a share, following news that other struggling financial-services giants Lehman Brothers (LEH) and Merrill Lynch (MER) had succumbed to the mortgage meltdown. WaMu shares rose 16% on Sept. 16 to close at 2.32 as investors responded to rumors that banking giant JPMorgan Chase (JPM) may make an offer for the company.
Labels: economic death watch