Reading the news about WaMu lately has been depressing. WaMu’s in trouble. Big trouble.

Billions of dollars in tarnished debt sit festering on WaMu’s books. The stock is down 71 percent over the past year, thousands of employees have been laid off, and just last week WaMu effectively sold half of itself to an investor group at a bargain-basement price.

Shareholders are livid. CEO Killinger is doing his best damage control. The employees left are wondering if they’ll have a job in the next few months.

The Seattle Times has posted two articles that I think everyone should read. Where WaMu Went Wrong and WaMu Shareholders Show Anger, CEO Killingers Asks For Patience.

Perhaps it’s time to say “abandon ship” instead of “whoo hoo!”.

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3. thursday agenda: tullycraft, tokyo police club, interpol
4. The Big Secret
5. The mortgage crisis finally arrives in Seattle