Remember when Countrywide and Indymac were paying the highest rates in the US?
Well, now WaMu is offering a 5% CD, in a desperate attempt to raise cash (and stay afloat)
Hell, why not? After taking in a bunch of new sucker money, it's the taxpayers and FDIC that'll get stuck with the tab (again).
This. Should. Be. Illegal. And it should be ESPECIALLY illegal for WaMu to take in any new deposits over the FDIC limits.
And yet it's not.
Desperation at WaMu Puts Taxpayers at Risk
Desperation is in the air at Washington Mutual (WM). That WaMu is offering 5% on CDs should be proof enough. From LastNightInVegas.
If the 5% rate WaMu is offering on CDs isn't indication enough that there's trouble brewing, the fact that WaMu is promoting it with a hand drawn white board sign certainly clinches it.
September 02, 2008
Posted by blogger at 9/02/2008