Crash & Burn and the Mail Keeps Coming

Look what came in my mailbox today, the usual triage of cheap and easy credit come ons. We get two per bank, one for me, one for the hubby. If you can't see the photo, it's from the depression era WaMu.

On their investor page it has this from JULY, spinning the loss into a positive (ie they are building their reserves). Huh?:
07/22/2008 -- WaMu Reports Significant Build-Up of Reserves Contributing to Second Quarter Net Loss of $3.3 Billion

MORE credit anyone?