Lehman Bros, and the bloodbath therein, is so forty-five minutes ago. Let's talk about something that Johnny Lunchbucket at the corner bar is losing sleep over - the fact that his Christmas Club account might be going tits-up as Washington Mutual heads for the dirt nap.
Down 44% in the last two days, the share price is less than a decaf latte. WaMu shareholders are about to experience serious deceleration trauma.
Will the Fed step in to save a consumer giant? Or are they only interested in wrapping the security blanket around Wall Street skulduggery?
A+ for introducing me to the expression "tits up"
"Tits up"...haha, very nice. I like dirt nap too, though I don't think it tops the tits.
I don't think the government will swoop in to save WaMu. They've already had a big injection frmo TPG: I can't imagine that TPG wouldn't take on the more-than-likely-doomed company and take it private. They'd get it at a damn cheap valuation, if they can persuade the stock holders, which should be cake, considering.
I heard Bill Longbrake, one of the board members of WaMu speak about their situation and how they weren't responsible for the problems associated with the firm. Bull shit, but then who knows. There seems to be alot of zombie companies out there (see: dead and walking).
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