Home › Forums › Financial Markets/Economics › Holy Crap: Wamu CEO is out too over the weekend…. › This would be funny if it
This would be funny if it were not so tragic.
The new WAMU CEO if from Sovereign Bank. Sovereign Bank has about half a trillion or 13% of its assets in Fannie and Freddie preferred stock.
The new guy is worse than the old one in terms of performance – Sovereign is now technically bankrupt based on 90% haircut on its preferred position.