There is a run on at WAMU too
Bump! I heard about it too. "Unsecured creditors" (institutions with large accounts?) have been pulling their money out of WaMu.
Perhaps they were paid actors....was NBC televising this event? Actually, WAMU has grown it's leverage ratio from about 5.6% in 9/07 to 7.8% in 6/08. Wachovia by way of comparison is around 6.6% (not that they're a role model or such). So no run yet. And they've added an extra $10bn in fresh capital since the end of June in an effort to quell continued speculation over its financial health. per the Financial Times on Friday. Amazingly, the SEC didn't put WAMU on its Naked Short prohibition list, so I guess the SEC is ok with the naked shorts having their way for a while longer.
OH, and a lot of the 'headline' losses are simply a write-down of the Goodwill for Golden State, the source of WAMU's headaches ( a zero expense writedown).