JP Morgan Purchasing WaMu Deposits
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.
not pushed through
whats next??......
thats two acquisitions within a period of what..6 months?
bear in march (closed in june) and WaMu in sept.
damn, jp is making a killing this year.
Federal regulators seized WaMu after over a $16B run on the thrift since September 15(!)
http://online.wsj.com/article/SB122238415586576687.html
FDIC released these:
http://www.fdic.gov/bank/individual/failed/wamu.html
http://www.fdic.gov/news/news/press/2008/pr08085.html
JP Morgan is now the #1 bank based on deposits, #2 based on branches.
JPMorgan didn't buy WAMU, WAMU blew up ad JPM bought its deposits.
wow, shareholders got royally screwed. didn't the CEO say just 2-3 weeks ago that they had enough funds to last to the forth quarter? something is fishy.
=== http://bankertimes.com investment banking news
Wow can you imagine what would of happened if JP didn't step in? The FDIC would of failed.
How much did TPG lose over the past few hours?
It's one of the dirty little secrets of consumer banking, but the FDIC charges way too little for their insurance and now they are WAY underfunded based on anticipated commitments.
Now they're saying that they're going to raise their premiums, but it's too late. They'd better hope this bailout works.
So apparently 65% of us were right on the poll... Will UBS be next?
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