Thursday, September 25, 2008

JP Morgan will buy WaMu? Bye Bye Washington Mutual

Another surprise deal announced on CNBC did I hear that right?. Wish I could hit instant replay and hear that again... Things are moving fast - if you don't count legislators. But I want them asking questions. 11th-hour must-do deals worth $700 billion are always suspect...... Just heard it again on Larry King - JP Morgen Chase "has acquired" the assets of Washington Mutual. so WAMU must have tanked or been seized.... Then Larry King moved on to Palin. Who cares.
PS At this moment (Friday evening 9/26/08) ABC news reports that 17 billion in assest had been withdrawn from WaMu in the space of a few weeks putting it in an untenable position. ABC said it was the largest bank failure in American History. WaMu's assest were sold to JP Morgan Chase at the firesale price of $1.9 billion.