WaMu: When Prayer is Not Enough...

This post is a follow-up to two other recently posted articles about Washington Mutual Bank.  Please read WaMu: Hoping and Praying and WaMu'd, if you haven't read those already.

The rarest of investment ratings was issued recently by Goldman Sachs on the shares of Washington Mutual Bank...  Sell.  That's right, sell...  Goldman expects that WaMu will lose between $17 billion and $23 billion on its mortgage portfolio.

My Take

Washington Mutual Bank is likely to be swallowed by another larger, more stable bank.  I guess we can count WaMu as yet another casualty among the financial institutions that will go bust as a result of the Mortgage Crisis.  

WaMu, join your fallen brethren, R.I.P. baby, R.I.P...