WaMu (WM) down to $3.60, Kerry you're Fired

The mess that is Washington Mutual, Inc. (NYSE:WM) continues to be hit today, shares of WM are down 15% back down to the $3 level. Like the Masters said back in October 07, your days may be numbered as CEO Kerry, people are pissed.

Fellow Masters, before you buy shares on the dip, wait for the dust to settle. Washington Mutual has lost $6.3 billion in the last three quarters, and said losses in its one-family residential mortgage portfolio could approach $19 billion through 2011.

The thrift signed a memorandum of understanding with its chief U.S. regulator, the Office of Thrift Supervision, that requires improvement in its risk management and compliance.

It also agreed to provide a multiyear business plan to the regulator, including a forecast for earnings, asset quality and capital. Washington Mutual said the plan will not require it to raise capital, boost liquidity or cut products and services.

But great stuff for the new WaMu CEO Alan H. Fishman will receive a $10 million signing bonus, including $2.5 million in performance-linked stock. His salary will be $1 million, with options to buy 5 million shares.  God Bless America.