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Letter from New WaMu CEO Alan Fishman

Posted by billspaced | 2:33 PM | 2 comments »

This is the sort of thing that the Fed and/or US Treasury should have done: Instill confidence in the financial markets and on "Main Street," as the media is so inclined to say.
As WaMu’s new chief executive officer,
I am writing to discuss the extraordinary economic environment for all
banks in the United States and why you can count on us to continue to
serve you safely and soundly.

But no, we have to rely on the CEO of the country's biggest bank to try to instill confidence in his customers.

While a good gesture, do you really think WaMu's customers are buying this? They should, but I'm not so sure they view this message as "pure."
I came to WaMu because I think it is a
great bank with a strong franchise and a solid financial position. We
take very seriously our role as the stewards of your hard-earned money.
I want to personally thank you for your loyalty and the opportunity to
serve your needs.

After all, Fishman has a vested interest in getting out from under the pressure that the Street has put on his new company.

View blog reactions


  1. Anonymous // 9/30/2008 5:54 PM  

    I'm afraid this is not going to fly. SEC is already writing this man's meal ticket. I hope he likes "federal prison orange". He is going to be waering it for awhile

  2. billspaced // 9/30/2008 8:32 PM  

    He and Killinger!

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