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Rick-
"This is the reason Washington Mutual (a S/L) is about ready to bite the big one." Surely you can't say that about WaMu. On the span of what, five years? They went from being nowhere to a major national presence, opening offices like madmen all over the country, offering free accounts with no minimums and fees (which most banks say will bankrupt them) and, quite literally, bragging about their great money-saving policies like using only three PCs to run the entire bank instead of wasting (their word) lots of money on internal computers and terminals and programs.
WaMu may be having problems with grade A paper, but they have been a most unique and agressive player in recent years, and I would be surprised if their unconventional habits haven't had something to do with both their boom and any bust.
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