Drew DeSilver wrote a lengthy analysis of WaMu in the Seattle Times yesterday, a company he described to be “in full crisis mode.”

“Billions of dollars in tarnished debt sit festering on WaMu's books. The stock is down 71 percent over the past year, thousands of employees have been laid off, and just last week WaMu effectively sold half of itself to an investor group at a bargain-basement price.”

While WaMu executives, DeSilver writes, “blame the company's troubles on the rapid unraveling of the U.S. housing boom last year,” his review of internal documents and interviews with former employees and financial analysits suggest that “WaMu's crisis is largely of its own making.”

Posted by Anna Mumford on April 15, 2008 11:47 AM