glad i still have my tiny socialist credit union

The 2.5 Billion in convertible shares and the cutting of the dividend are also interesting. It says "We need cash badly"

for those that don't know what convertible shares are, here you go:

Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date.

Also known as "convertible preferred shares".

Most convertible preferred stock is exchanged at the request of the shareholder, but sometimes there is a provision that allows the company (or issuer) to force conversion. The value of convertible common stock is ultimately based on the performance (or lack thereof) of the common stock.

http://www.investopedia.com/terms/c/convertiblepreferredstock.asp

so now one of the pillars of our local economy is slashing jobs...our real estate market is "strong".

wait for it folks, soon complaining about median housing prices and affordability will not be an oft heard complaint. wait for it.

I wonder what I can do to really put WaMu over the barrel. perhaps threaten to change banks if they don't offer me a non min 5.05% APY chequing account?

Yeah, it would suck to be one of those 3000 people, but this is not news.

It's a good instrument to hold when the firm may totally melt down, as bonds are paid off from assets BEFORE stocks (which are paid off Preferred Stock then Stock).

Usually the stockholders get nothing, but bondholders get some money.

1. There is far worse crap on Slog
2. This is a hometown company
3. When it flies in the face of the "Seattle is Special" mantra

either shows how much you know about the situation, or how much you actually want to know in general.

@13
too bad they arent convertible bonds though...

I heard from a friend that Infospace in Bellevue is going to do a big layoff soon too

Group Health
Real Networks
Washington Mutual

Sure hope no non-MSM reporters find out how many senior execs cashed out options at the last two recently and chart it against their usual exercises and sell offs, or look at the total compensation packages in the SEC filings for the top 5 execs at those firms in the recent quarterlies ...

That might be interesting ...

Is anyone else having flashbacks to 2000?

Sounds like we may be reading stories again about employees finding out they're fired when the company cell phone is shut off or when they return to a locked office. Sad.

http://online.wsj.com/article/SB119681396357513715.html

(you can only read the first couple paragraphs, but that's all you need to read)

I'd be VERY surprised if they laid off anyone above a certain level - and even then, I'd expect they would only lay off a couple of them, to be sacrificial lambs.

I'm glad I don't own stock in this company.

Also, their stock price, at $38.50 a share as of late August, tumbled all the way to $18 before a mild rebound. Even for a bank, that is a HUGE drop, as the other banks only saw a $5-6 drop. Clearly, working with that appraisal firm that inflated appraisals, and trying to make bank on subprimes were just bad, bad ideas that have now come back to bite them.

Uh... every big corporation does that. They cut from the bottom and keep everyone at the top. They would rather slice 100 jobs and put 100 drones on the street than slice an executive's salary. Corporate American is hardly a welfare situation.

At least when I'm dropped on the street as a temp, that's part of the plan, and I just get back up and go work somewhere else.

No kidding.

A few months ago, I got fed up with all the credit card applications I was receiving (1-2 per week). So, finally, I tore up an application, stuck it in the return envelope, and sent it back to the credit card company. I swear to god, I haven't received a credit card application since. I highly recommend it.