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To: Sam who wrote (69192)	11/21/2008 4:35:11 PM
From: R2O	Read Replies (1) of 118717

Would they simply wipe out equity holders completely? Ask an 'investor' who bought Wamu the day before FDIC seized it. That would be me. The answer is Yes. I looked at all the data I could find and they just hired a new head man who obviously got a good look at all the internals and decided all was OK. Yes, I knew they were being scrutinized by OCC regulator, but I thought that wasn't a real negative. Rational, if risky choice for me --- but risky wrt business going forward --- normal business risk. But I didn't know about the secret deals being made between a government body and a private company. Who would have guessed that the FDIC would have looked at this as a profit making venture. Thought it was their job to STOP depositors from making runs on the bank. Having failed at that they simply stole a functioning enterprise, making $1.9B profit for themselves. Did the depositor run continue? If it didn't, why not? Now just how are those toxic assets doing in their new home? Castro would be proud. Now I may be stepping into a similar pile of s... with C. Some folks (that would be me again) just never learn.

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