The commentators on Bloomberg News were citing an analyst report that 'unsecured creditors were pulling funds from the bank.' Washington Mutual did not deny this, but responded that they are not reliant on the short term commercial paper markets as they can draw funds from their banking operations, so there.
Here we go again.
Reuters
WaMu shares fall as credit concerns grow
Thursday July 24, 3:39 pm ET
By Anastasija Johnson and Jonathan Stempel
NEW YORK (Reuters) - Washington Mutual Inc (WM - News) shares fell as much as 23.4 percent and the cost to insure its debt against default rose after an analyst said some creditors reduced their exposure to the largest U.S. savings and loan.
Citing the Seattle-based thrift's financial statements for the period ending June 30, Gimme Credit analyst Kathleen Shanley wrote that "many creditors have quietly been pulling funds" from the company.....
"'I beg you, father, send Lazarus to my family, for I have five brothers. Let him warn them, so that they will not also come to this place of torment.’ Abraham replied, ‘They have Moses and the Prophets; let them listen to them.’ No, father Abraham,’ the rich man said, ‘but if someone from the dead appears to them, they will repent.’ And Abraham said, ‘If they do not listen to Moses and the Prophets, they will not change and repent, even if someone were to rise from the dead.’” Luke 16:27-31