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Old 09-24-2008, 10:26 PM
 
Location: SoCal - Sherman Oaks & Woodland Hills
12,977 posts, read 31,102,529 times
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There are rumors that WAMU is being purchased, and not by an American Bank. BNP Paribas is an interested suitor and an announcement may be made next week.

Anyone here hear of this?
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Old 09-24-2008, 10:33 PM
 
Location: Louisiana
157 posts, read 521,650 times
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Chase is what I have heard by reading the finance section.
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Old 09-25-2008, 07:00 AM
 
706 posts, read 1,206,133 times
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Chase covets their western network but with Wamu's terrible mortgage book, Chase would suffer a write-down that would probably negate the purchase. I don't see Chase buying it.

BNP may be willing to pay up to get in the US market even with potential write downs.
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Old 09-25-2008, 01:23 PM
 
Location: Houston
19 posts, read 51,001 times
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..
Quote:
[SIZE=6]Regulators try to broker WaMu deal: reports[/SIZE]
Thu Sep 25, 2008 10:11am EDT


NEW YORK (Reuters) - U.S. regulators are trying to quickly broker a deal for Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz), a large U.S. savings and loan crippled by mortgage losses, the New York Times reported on Thursday.

Separately, the Wall Street Journal reported that Washington Mutual had approached private equity firms about a takeover.

Carlyle Group CYL.UL and Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) are among firms that are considering a deal, the Journal said, citing unnamed sources. It reported that these firms would team up with Texas billionaire and bank investor Gerald J. Ford for a possible transaction.

Both newspapers said federal regulators were actively involved in deciding the fate of the thrift, including soliciting interest in a potential government-assisted transaction.

Sources previously told Reuters that regulators are eager for the company to forge a deal, but no deadline or requirement has been placed on the bank to accept a takeover offer or split itself among several suitors.

The Journal said it was not clear if discussions with private equity firms would result in a deal, and WaMu is moving ahead with other efforts that include a sale to another financial institution.

Spain's Banco Santander SA (SAN.MC: Quote, Profile, Research, Stock Buzz) has withdrawn as a suitor, and Canada's Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) has expressed only tepid interest, the Journal said.

Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), J.P. Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) are reluctant to absorb WaMu's loans after conducting due diligence, it said.

WaMu came under further pressure on Wednesday when Standard & Poor's slashed its credit rating deep into "junk" territory.

The thrift replaced its chief executive this month after suffering losses totaling $6.3 billion over the previous three quarters. It has projected $19 billion in mortgage-related losses through 2011.

Washington Mutual ended August with $143 billion in retail deposits, roughly triple the size of the entire Federal Deposit Insurance Corp fund that backs customer deposits.

WaMu declined to comment on Journal report, the newspaper said.

Spokespeople for Banco Santander and Citigroup declined to comment when contacted by Reuters.

WaMu, Carlyle Group, Blackstone Group, Toronto-Dominion Bank, J.P. Morgan, Wells Fargo and Gerald Ford could not immediately be reached for comment.

http://www.reuters.com/article/ousiv/idUSTRE48O4WP20080925
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Old 09-25-2008, 04:01 PM
 
5,339 posts, read 8,871,655 times
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As of right now they can't find a buyer yet. Down 25% today. Lost all of its short covering gains from a few days ago. Low-priced stocks always look attractive to novices, but they are low because people are dumping them. Now where is that I-can-make-money-from-GM genius?

I just read little more into this a few minutes ago. Now I think the current price is low enough to be attractive to potential buyers and the bailout won't hurt this company, if not help them. So they should be able find a buyer and when they do the price should move up.

Last edited by davidt1; 09-25-2008 at 04:24 PM..
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Old 09-25-2008, 07:08 PM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,389,926 times
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Breaking news:

Wamu to be purchased by JPMorgan Chase. People, your money is safe, as it has been, don't panic. JPMorgan Chase is one of the few giants that have survived this past week. A personal note, I have a 401k with JP and am still doing well

Keep in mind though, talks of this merger stem all the way back from January

JP Morgan to acquire WaMu assets - report - Sep. 25, 2008
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Old 09-25-2008, 07:10 PM
 
Location: Sputnik Planitia
6,929 posts, read 9,711,850 times
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They should just close it down. This is the problem. Chase will acquire it and then they will be on the brink of collapse when the Alt-A crisis hits and then we will have yet another bailout for Chase!
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Old 09-25-2008, 07:12 PM
 
Location: The Frenchie Farm, Where We Grow 'em Big!
2,078 posts, read 6,013,145 times
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Just In... It's JP Morgan-Chase
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Old 09-25-2008, 07:13 PM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,389,926 times
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Quote:
Originally Posted by k374 View Post
They should just close it down. This is the problem. Chase will acquire it and then they will be on the brink of collapse when the Alt-A crisis hits and then we will have yet another bailout for Chase!
The article states this was brokered through federal regulators, so I doubt it. Plus JP moved into commercial banking as well this past week.
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Old 09-25-2008, 07:28 PM
 
Location: Hope, AR
1,505 posts, read 2,897,775 times
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I don't know if you're being facetious, but I would think that JPMorgan did some analysis of this problem before acquiring WAMU.

Quote:
Originally Posted by k374 View Post
They should just close it down. This is the problem. Chase will acquire it and then they will be on the brink of collapse when the Alt-A crisis hits and then we will have yet another bailout for Chase!
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