Washington Mutual Death Watch

WaMu recorded $5.9 billion of provisions last quarter. As of June 30, it had $11.2 billion of so-called nonperforming assets, or 32 percent more than its $8.5 billion allowance. A traditional rule of thumb is that when a bank's allowance is less than nonperforming assets, it's a sign the bank might not be setting aside enough reserves.

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