Looks like more and more are piling on the WaMu going bankrupt bandwagon - Calculated Risk for one. $53 billion in adjustable rate mortgages isn't anything to sneeze at, especially when your whole banking model is predicated on making the bulk of your profits off of mortgages rather than traditional banking services like checking accounts and credit cards.
Quite a few have pointed out the high CD and money market account rates WM is offering as a sign they are desperate for liquid cash as well. All I can say is that I'm glad I sold my stock in WM when it was at $43. We have a pretty good amount of money in their bank because of the good savings account apr, and I'm not too worried about not being able to access my money for a weekend, we have plenty of backup sources and accounts. Banks always go under on Fridays, so by Monday most stuff is pretty well sorted out.
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