Wamu is gone. A very famous icon had his mortgage with Wamu. Aol running man who banked millions of $$$ during the internet boom has officially gone bust. Although he had the looks, Aolman lacked the market sense to make solid investments. Aolman wanted all his logo friends to suffer as he did. He shorted Priceline (PCLN) and Yahoo(YHOO) and was crushed on these plays 5 years ago. He thought all internet plays were easy shorts but was completely wrong. Aolman became a night time infomercial junkie and bought books on how to flip houses and properties with no money down. This backfired too and his investment turned into long-term holds and now he lives on the trailer park property with his 4 children. Aolman took his salary in the form of options. His personal bank account went down even more after the Time Warner (TWX) merger with AOL that was not well liked on the street. Eventually his wife left him for someone else who is hiding in the picture.
Investors forget that there are three type of trading positions in the marketplace.
Long , Short, or on the Sidelines.
Baby trader is on the sidelines except for the short CALM position. The market will be around forever.
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