This is the e-mail OTC ADVISORS sent this morning:
WaMu becomes biggest bank to fail in US history
NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks - Washington Mutual Inc. - has collapsed under the weight of its enormous bad bets on the mortgage market.
Wall Street fell sharply this morning as efforts to approve the $700 billion financial bailout unraveled and Washington Mutual Inc. was seized by federal regulators in the largest failure ever of a U.S. bank.
Clogged credit markets tightened further as fears of a deepening economic crisis fed safe-haven buying.
Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.
President Bush said Friday morning that the financial rescue plan must be passed quickly, but the legislative process "is sometimes not pretty."
WM is currently haulted. If it returns on Monday, it could be a pinksheet. If that is the case, I would suggest watching it trade like crazy.
Who knows, it could be a great day for you day traders who get in at the right time.
Stay Focused!
We are currently searching the OTCBB market for low priced stocks that look healthy because it looks like the big boards are sick right now.
As always, if you have a stock that you like, feel free to send it in to info@otc-advisors.com for our review.
