Washington Mutual has seen its stock price drop over 90% over the past year. One of the leaders of alternative mortgage products, it’s no surprise the company has been hit hard by the recent real estate and financial market turmoil.
What troubles me is the company has over $180 billion in customer deposits. The FDIC, on the other hand, is only funded to the tune of $52 billion.
“Uh oh, Tinky Winky…”
[youtube http://www.youtube.com/watch?v=kiaLOzP1lCA&hl=en&fs=1](Click for video)