Back when I worked at WaMu, they had this employee stock purchase plan, where you can buy WaMu stocks at a discount. At the time WM was trading at $44 and we had the option of buying them at $25. I bought a few few shares just out of novelty (and a smidgen of corporate loyalty). My co-worker thought I was crazy for not taking full advantage of the option since I was at the time basically leaving free money at the table.
Why didn't I buy more? I'd like to say that I exercised sound financial judgment, about how you shouldn't put all your financial eggs in one basket etc etc, but the truth was that I didn't want sock that money away and reduce my disposable income- why do that when I can blow money on things I don't even remember blowing money on?
I guess that kinda sorta turn out to be the right decision.
Now I need to figure how to get a tax break on 31.375 worthless stocks...
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Mille m...
5 years ago
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Ok, I've always wondered about this: why did wamu keep advertizing right up until they went under (actually, I don't know if they're still advertizing because I haven't watched live tv in the past few days). I'm guessing it's because they want to maintain the appearance of 'business as usual' and compared to how much they're losing, the ad budget is spare change anyways.
The biggest reason is because the ads meant to attract bank deposits- 'Come to WaMu! Open up a FREE checking account!".
The reason WaMu collapsed was because they went insolvent- their debts exceeded their deposits, and the ads was one of the strategies aimed to prevent that.
As of this comment WaMu still does radio spots, but they identify themselves with JPM- this is now part of their ad strategy.
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