Goldman Sachs tasked to SELL WaMu... JP Morgan & Wells Fargo dealing

[HOLLYWOOD]

Since investment firm TPG inc., has clear the way for WaMu to sell itself... WaMu now has Goldman Sachs to negotiate the sale to interested buyers: JP Morgan and Wells Fargo.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJMR.MHIIpBo

WaMu Puts Itself Up for Goldman-Run Auction, NY Times Reports

By Ari Levy

Sept. 17 (Bloomberg) -- Washington Mutual Inc. put itself up for auction ``several days ago,'' and is talking to potential bidders including JPMorgan Chase & Co., the New York Times reported, citing unidentified people briefed on the matter.

The auction is being run by Goldman Sachs Group Inc., the newspaper said. Other potential bidders that Goldman has spoken with include Wells Fargo & Co. and HSBC Holdings Plc, the newspaper said.

WaMu, the Seattle-based savings and loan that lost half its market value in two weeks, today erased a $1.5 billion obstacle to a potential acquisition. WaMu said TPG Inc., its biggest shareholder, waived its right for compensation from WaMu's sliding stock price.

To contact the reporters on this story: Ari Levy in San Francisco at [email protected]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afHpbKGjxqZI

-- Washington Mutual Inc.'s $143 billion in retail deposits may buy Chief Executive Officer Alan Fishman enough time to prove wrong speculators who say the bank will follow Lehman Brothers Holdings Inc. into oblivion.

The reason: WaMu, the biggest U.S. savings and loan, funds its daily business with federally insured deposits at its 2,300 branches, instead of short-term lending from other companies. With no sign that customers are defecting, and another $50 billion on hand for liquidity, newly hired Fishman may ride out the turmoil that halved WaMu's market value in a week. The stock rose 16 percent today after plunging 27 percent yesterday.

http://news.yahoo.com/s/ap/20080917/ap_on_bi_ge/washington_mutual;_ylt=ArpYkfAoYI753P_DCQEMmdiyBhIF

 

[Bruno]

Its all going to come down to less than three major banks. They are much easier to deal with and control that way.

 

[devil21]

Its all going to come down to less than three major banks. They are much easier to deal with and control that way.

The same exact way it's been done repeatedly over the years. The plan is working like clockwork once again.

 

[Thrashertm]

When there are just 3 big banks, they are all "too big to fail" - the government will have "no choice" but to nationalize them all. Any banks left standing, will buy up any available assets for pennies on the dollar.

 

[HOLLYWOOD]

WaMu... Holding out for the BAILOUT NOW... they just need some Float money until the new CORPORATE ENTITLEMENT STIMULUS checks are cut.

Maybe I'll write a song about it... "My Funds in Jeopardy, Baby,... Ewoooo, Ewe, Ewe..."

there's others, hah

 

[Cowlesy]

Make no mistake, David Bonderman and TPG got their ASSES kicked on this --- right now they're praying it gets sold and they can recover SOMETHING.

 

[Bruno]

When there are just 3 big banks, they are all "too big to fail" - the government will have "no choice" but to nationalize them all. Any banks left standing, will buy up any available assets for pennies on the dollar.

That brings up the question:

If these banks were too big to allow to fail, how will making them bigger help? Why not break the big banks into more smaller banks, maybe 1/10th or 1/100th the size they are now. That would allow smaller banks to buy a piece of their debt and assets and maybe we wouldn't have this problem again.

 

[DFF]

^^^ Good point(s).

 

[HOLLYWOOD]

That brings up the question:

If these banks were too big to allow to fail, how will making them bigger help? Why not break the big banks into more smaller banks, maybe 1/10th or 1/100th the size they are now. That would allow smaller banks to buy a piece of their debt and assets and maybe we wouldn't have this problem again.

Bigger Banks = Bigger Bucks = Bigger Lobbyist = Bigger Campaign Contributions = Political Votes = Political Bills = Political Funding = Political Subsidies = Political Tax Credits = Corporate BailOuts

Wash, Rinse, Spin ... Repeat INDEFINITELY

 

[Brian4Liberty]

When there are just 3 big banks, they are all "too big to fail" - the government will have "no choice" but to nationalize them all. Any banks left standing, will buy up any available assets for pennies on the dollar.

There's no such thing as a monopoly!

 

[HOLLYWOOD]

Lets just follow the MONEY Trail:

Okay, Now let's see who wants all these special program and bailouts for the Banks:

Look, It's the USUAL Suspects:

Connecticut Senator Christopher Dodd D-CT

New York Senator Charles Shummer D-NY

Arizona Senator John MsTeenSouthCarolina McCain R-AZ

Illinois Senator Barak Obama D-IL