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.....
“Depart from me, you accursed. For I was hungry and you gave me no food, thirsty and you gave me no drink, a stranger and you did not welcome me, naked and you did not clothe me, sick and in prison and you did not comfort me.' They answer, 'Lord, when was it that we saw you hungry or thirsty or a stranger or naked or sick or in prison, and did not care for you?' He answered, 'Truly I tell you, as you did not do it to one of the least of these, you did not do it for me.’”
Matthew 25:40-46