WaMu (WM) Not Going To Zero? British Hedge Fund Takes 6% Stake

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.

See Also: WaMu Terror: The Dreaded “Price Protection” Feature of That $7B Equity Deal

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