WaMu

The Thanksgiving holiday is over and, now it's time to get back to work. First order of business? Laying off all those WaMu employees who actually thought they would become a part of the JP Morgan Chase family.

LA Times has the full story - http://www.latimes.com/business/la-fi-wamu2-2008dec02,0,6248707.story?tr...

9,200 jobs in total will be cut. 4,000 will be notified up front before the end of January, while the rest will be kept dangling and eventually axed before end of 2009.

Who else is in danger? Citi? E-Trade? JPMorganChase? If any of them are in danger, I need to move my money accordingly.

WSJ just reported that JP Morgan will acquire most of WaMu's operations.

Further details on the transaction are expected Thursday night.

Not a real surprise here. It has long been rumored that JP Morgan has been in talks to acquire a portion of WaMu. It seems now that the bailout has been pushed thru JP Morgan feels comfortable enough to proceed with the deal.

WaMu has hired Goldman Sachs to help auction it off. Bidders include Wells Fargo, HSBC, and JP Morgan. Do you think this is a smart idea,? Should Goldman have bought up WaMu itself?