WaMu's "Assets" and Some Tax Breaks, Big Deal
Washington Mutual Inc said it could receive an additional $2.6 billion in tax refunds due to a recently enacted law, sending shares of the bankrupt bank holding company soaring on Thursday.
The added money could also help resolve various legal disputes surrounding the company's collapse last year, one analyst said.
Washington Mutual could receive the additional refund following the enactment in November of a law that permits net operating losses to be carried back for five years, from two years previously. That change would double the company's expected refund, according to a court filing on Wednesday.
The funniest part of the entire article is as follows: "The company's main asset is a deposit of about $4 billion that is also claimed by JPMorgan Chase & Co"
Call me crazy but why would investors get themselves worked into a lather over WaMu when its largest asset is something it doesn't even have in its possession? Why can you even trade that shit? So wrong. I shouldn't have to point out the various and plentiful reasons why.