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I lost 40K on my WAMU investment. I even bought 1000 shares more @1.83 based on the statment given by the CEO of WAMU, which stated that WAMU had enough liquidility to withstand the current crisis to 2010.
2800 avg of 4.20$ a share, firstname.lastname@example.org
40 jan 2010 5$ calls at 1.30
this was email from investor relations less than 2 hours prior to my stock being worthless
From: GM WM Investor Relations [mailto:email@example.com]
Sent: Thursday, September 25, 2008 6:03 PM
Subject: RE: WM Shareholders
Thank you for your interest and genuine concern. We know that WaMu has been in the press lately and we appreciate your questions, but we have a long-standing policy of not commenting on media stories.
WaMu has strong fundamentals with an ample supply of funds on hand to meet the needs of our customers and our day-to-day operations. WaMu’s business is funded largely through its deposits, and we also have access to billions of dollars from the Federal Home Loan Bank system. Our capital ratios continue to be well in excess of the levels that government regulators require of “well capitalized” institutions. For more specific information on our capital and liquidity, as well as an update on expectations of our Q3 earnings performance, please visit our press release issued on September 11th, 2008 here: http://investors.wamu.com/irweblinkx/file.aspx?IID=102028&FID=6677207
As the stock price continues to see pressure, management is working hard to restore investor and customer confidence. For your reassurance, we attached our CEO Alan Fishman’s personal letter in which he reiterates his belief in the strength of our company:
We're encouraged by the direction of the plan proposed by the President, Treasury and the Federal Reserve to support the troubled financial markets. We look forward to seeing the details as the plan is further developed by Congress. This plan should assist in providing stability to our financial markets and should provide a mechanism for an orderly transition of troubled illiquid assets.
The Washington Mutual Investor Relations Team
what strikes me is that the majority of the posts were people purchasing the stock at less than $5 a share. my opinion is.. you were all speculators thinking that you were getting in on a sure bet that someone was going to buy WAMU out. you bet.. you lost. you're not the ones that should be helped... only those that had shares at much higher stock prices.
continue to write in to the judge and post your stories. it gives much feelings that it is speculators that got screwed and not true investors.