Wednesday, September 24, 2008

The Next Shoe...WAMU

S&P cuts WaMu to 'poor quality' of 'CCC'

SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services on Wednesday lowered Washington Mutual Inc.'s (WM: 2.80, -0.40, -12.5%) counterparty credit rating to "poor quality" of CCC/C from BB-/B. "The downgrade was due to the increased likelihood that a potential sale of the company may not involve the whole company, which increases the risk of default for holding company creditors," said Victoria Wagner, an S&P credit analyst. S&P also lowered WaMu's preferred stock rating to "most speculative" grade of CC from B- to reflect the risk of default of these securities but affirmed Washington Mutual Bank's counterparty credit rating of BBB-/A-3. The outlook remains negative.....

Do you still have money in your WaMu account?  I don’t!  

“Bank run”....the next stage of the blackmail for power and cash by the Wall Street mafia Dons.

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