by Calculated Risk on 9/10/2008 11:31:00 AM

WaMu off another 28%. From Reuters: WaMu's CDS spreads surge to record high-Phoenix

Five-year credit default swaps on Washington Mutual traded at 40 percent upfront, plus 500 basis points annually, up from 32 percent upfront plus 500 basis points a year on Tuesday, according to data from Phoenix Partners Group.

Wow.