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Breaking News: If You've Joined This "Social Network" You Might Want To Read

I'm sharing a news release found online (Yahoo! News), if you are a member of a certain new 'social network' being promoted heavily by various Yuwie members - you may be interested, or maybe not.

These are snippets of the story, you may read the complete story by doing a search on Yahoo.

> Washington Mutual (WaMu) removes CEO Kerry Killinger

"NEW YORK - Washington Mutual Inc., ravaged by losses from sour mortgages, removed Kerry Killinger as chief executive of the nation's largest savings and loan on Monday, adding him to the growing list of banking bosses ousted by their boards."

and

"Also Monday, WaMu said that it has entered into a memorandum of understanding with the Office of Thrift Supervision concerning aspects of its operations."

also

"WaMu shares fell 15 cents, or 3.5 percent, to close at $4.12, after dropping as much as 24 percent earlier in the session. Its shares have fallen 90 percent since early July of last year, right before the rapid erosion in the credit markets began.

Battered by rising mortgage delinquencies and defaults, and by the sinking value of its mortgage portfolio, WaMu has lost nearly 70 percent of its market value this year."

and this

"In July, the bank reported a $3 billion second-quarter loss — the biggest quarterly loss in its history — as it increased its loss reserves to more than $8 billion to cover bad loans.

The company expects cumulative losses in its residential mortgage portfolio to total $19 billion, the high end of previous guidance, and has said 2008 will be the peak year for provisioning.

During the second quarter, WaMu announced plans to exit the wholesale lending business and close all remaining standalone home loan centers, resulting in 3,000 job losses. The bank said it would instead focus its mortgage-originating efforts in its retail bank branches and Web site, and by expanding its call center operations. WaMu announced an additional 1,200 job cuts in June."

Do you know of which "social Network" this story relates to and if so, are you worried about this announcement as far as you being paid what they promise now and in the near future?

I'm sticking with Yuwie myself.

YUWIE GOLD TEAM
Expect Success
John3

Posted: 9/9/2008 at 00:04

Read 145 times | 3 comments | Leave Comment


Rhys	Nice blog John, it seemed odd that they said they would pay as much as they did, to put it another way i would have been paid this much based on the number of referrals i have in yuwie $11,432 level 1 $16,602 level 2 $7,934 level 3 lol as if they would have paid me that. It's easy to get referrals, you just have to put 10 hour days in thats all. I knew as soon as i saw it that they would not pay that much.
	Reply \| 9/9/2008 12:37:08 AM

bonnie	interesting blog i know what one your talking about. i'm here for the long haul of yuwie and i'm here to see things change on yuwie.
	Reply \| 9/16/2008 7:11:21 AM

John3	WaMu may seek merger as pressure mounts: Merrill Wed Sep 17, 11:21 AM ET Washington Mutual's (WM.N) board would seriously consider a merger offer even at a discount to what the Seattle-based thrift believes it is worth, as it faces mounting pressure to pursue options amid credit-rating downgrades, an analyst at Merrill Lynch said. and Rating agency Standard & Poor's downgrade of the thrift to 'junk' status, 'is likely to add more impetus to Washington Mutual to act quickly,' Bruce, who lowered his price target on the stock to $1 from $3, said. and also Washington Mutual's stock has lost almost 94 percent of its value from its 52-week high of $39.25 on September 19, 2007, to its close on Tuesday of $2.36, as investors worry about continued losses related to risky real-estate loans. The company's woes has led to speculation that it is primed for a takeover.
	Reply \| 9/17/2008 4:15:25 PM