Shares of Washington Mutual (WM) surged as much as 20% today after an SEC filing revealed that British hedge fund Toscafund Asset Management had taken a 6% stake in the firm. Tosca says that it now owns 105.5 million shares. At the current price of $5.35 that’s a $564.4 million investment.
Yet another foreign investment fund takes advantage of the weak dollar and plugs a hole in the crumbling American financial system. But a vote of confidence for battered WaMu.
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