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Friday, September 26, 2008

This is amazing but not only Wamu equity gets wiped out but so do the preferred and the bond holders. We live in amazing times.

Meanwhile you have to catch this battle this morning between Rick, Steve, and Jack on CNBC. The video will appear on this page. I'll post the direct link when it shows up.

Art Cashin says we are on the verge of a wholesale panic in here.
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2 comments:

Anonymous said...

"This is amazing but not only Wamu equity gets wiped out but so do the preferred and the bond holders. We live in amazing times."

That's exactly what's being considered by holders of all corporate bonds and preferred shares. My guess is that Morgan Stanley, WB, NCC, FITB, and others must consider a real risk of a whipeout in bankruptcy.

HS

9/26/2008 9:22 AM
Anonymous said...

What we have here is the entire financial system is coming (has come) unglued. There is no capital available for healthy firms, capital markets have seized up, investors are disgusted, levered players have gotten destroyed, main st has lost faith in the system and our govt is run by eunuch's. Until we get some leadership from someone or somewhere we are facing a massive disaster.

9/26/2008 9:40 AM

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