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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Peter V who wrote (115568)	4/8/2008 11:49:06 AM
From: 10K a day	Respond to of 306849

Wamu's convertible is at 8 something.

To: Peter V who wrote (115568)	4/8/2008 2:56:02 PM
From: Peter V	Read Replies (1) \| Respond to of 306849

I'm slowly becoming desensitized to "Wow!" moments in the market. minyanville.com The WaMu (WM) recap is definitely one: 100% dilution at some 30% discount. The broad media rationalizes that "that's good news" because the company won't go out of business: That's another "Wow!" moment. The WaMu news is about as good a reason in many moons - and there have been many over the last few years - to short Capital One (COF) as any. This is not just a credit card company: it bought two mortgage heavy outfits, Hibernia and North Fork Bank just about at the top of the market, because COF wanted to juice its lagging credit card business. So much for the best laid plans.