Nov 11, 2009, 10:34am
Nov 10, 2009, 8:45am
Washington Mutual has officially put itself on the block. The bank, which was downgraded to junk Monday night, reportedly hired Goldman Sachs to start the auction several days ago. Potential bidders include Wells Fargo, JP Morgan Chase, and HSBC, if you've got some spare change.
Washington Mutual Begins Auction to Sell Itself [Dealbook]
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Posted by guest , Sep 17, 2008 4:45PM
who's gonna finish the auction for them after Friday....?
Posted by guest , Sep 17, 2008 4:46PM
FDIC!
Posted by guest , Sep 17, 2008 4:47PM
WB crushing on MS
Posted by guest , Sep 17, 2008 4:47PM
http://dealbook.blogs.nytimes.com/2008/09/17/morgan-stanley-considers-merger-with-wachovia/
Steel gets the last laugh?
-Dick in CLT
Posted by guest , Sep 17, 2008 4:48PM
@2 FDIC doesn't have enough money for wm deposits - maybe we need the foreign central banks to bail out treasury later
Posted by guest , Sep 17, 2008 4:50PM
bald/beard
Posted by guest , Sep 17, 2008 4:51PM
heads at TPG will roll.
Goodbye FIG vertical partners, etc
Partner will demand falling on sword
Posted by Investorcluzo , Sep 17, 2008 4:51PM
this is like a bad game of hot potato. what happens when they go in then get spooked by what they see? will this be another lehman fiasco? was at a conference where jc flower(s) power said that he ran as fast as he could after reviewing fuld's "assets"...these people have no idea.
http://www.youtube.com/watch?v=SWksEJQEYVU&feature=related
Posted by guest , Sep 17, 2008 4:52PM
@5...FDIC would only be on the hook for the deposits if it couldn't sell them to another bank...which they could...it will be the toxic assets that will be the hard sell.
Posted by DrederickTatum , Sep 17, 2008 4:54PM
Wachovia and Morgan Stanley? That concerns me more than MS continuing on its own...
Posted by guest , Sep 17, 2008 4:54PM
citi also interested in Wamu
Posted by guest , Sep 17, 2008 4:54PM
My money is on HBC or WFC. Best scenario is WFC getting WM and HBC eventually taking WFC/WM
Posted by guest , Sep 17, 2008 4:55PM
Wachovia = blah
Posted by guest , Sep 17, 2008 4:56PM
FYI - CFC, IndyMac, and WaMu...all regulated by the OTS...what a bunch of chumps.
Paulson should hold up the Riech (OTS) like he did that fish circa 1973.
Posted by guest , Sep 17, 2008 4:58PM
@12 - no one calls its HBC. It's HSBC. What are you, some kind of intern?
Posted by Investorcluzo , Sep 17, 2008 5:02PM
check the numbers people:
morgan stanley market cap: $24 billion
watchovaya market cap: $19 billion
@dick in clt – I'm not so sure the boys/girls in charchar will be laughing if this deal gets done and mack (the knife) goes back to his old tricks...
Posted by guest , Sep 17, 2008 5:02PM
@12 HBC? It's HSBC you idiot!
Posted by guest , Sep 17, 2008 5:03PM
Morgan Stanley and Dean Witter was Gretzky / Messiah
Morgan Stanley and Wachovia would be Gretzky / Hot Dog Stand Guy?
SPODE
Posted by guest , Sep 17, 2008 5:06PM
Sounds like fantastic news for the LPs of TPG Fund VI.
Posted by guest , Sep 17, 2008 5:15PM
IC.
I coulda sworn they mentioned something to me about enterprise value in training.... can't quite remember.....
Posted by guest , Sep 17, 2008 5:16PM
Bess, if you're offerin', I'm a buyin'
Posted by guest , Sep 17, 2008 5:18PM
DOES THIS MEAN STAN O'NEAL CAN HAVE HIS JOB BACK?
Posted by guest , Sep 17, 2008 5:21PM
Walkallovaya has to save its cash for the Pru put which comes due next month. Can't see them not wanting to get 100% out of the brokerage biz now.
Wells would actually be able to squeeze some savings out of WaMu by closing overlapping branches, but they probably don't want to double down on Cali real estate.
Posted by guest , Sep 17, 2008 5:22PM
@19 - yeah.
Posted by Anal_yst , Sep 17, 2008 5:23PM
@ 20
You're gonna value a takeout of one of these banks based of EV? Do you really think anyone is gonna step up for that? Really? Seriously?
Posted by guest , Sep 17, 2008 5:25PM
Let's just take a play out of BOA - calculate an unreasonable price and then add a premium to that
Posted by guest , Sep 17, 2008 5:25PM
@15. HSBC's ticker in the US is HBC.
So lighten up, Francis.
Posted by guest , Sep 17, 2008 5:25PM
@ cluz - MS obviously buys, but Steel hangs on IMO. WB shareholders receive $2.00 pumpkin latte coupons in the share exchange.
Posted by guest , Sep 17, 2008 5:28PM
@20 Some of those "assets" might need to jump to the other side of the accounting equation.
For every action there is an opposite an equal reaction.
Posted by guest , Sep 17, 2008 5:28PM
@ analyst:
No, my point is finance firms are like icebergs. Only the tip sticks out above the water. The reason for the Merger is the balance sheet not the market cap.
NEXT
Posted by guest , Sep 17, 2008 5:31PM
@27 - if you use 'hbc' to refer to 'hsbc', you might just be a witless moron. Don't make the mistake again
Posted by guest , Sep 17, 2008 5:34PM
@31. I know the difference. Especially since it is on my paycheck.
But HBC isnt wrong. So piss off.
Posted by guest , Sep 17, 2008 5:36PM
@31 Lose the tough guy attitude. Just cause you went 5 bid on WAMU a couple weeks ago, there is no reason to take your anger out on us. May I suggest you get a good tax lawyer and deduct your losses.
Posted by guest , Sep 17, 2008 6:00PM
After thier last quarter and the ratchet clause in thier last financing who the fuck would have gone 5 bid on WaMu?
Posted by guest , Sep 20, 2008 5:45PM
geez, it took 21 comments for bess to be harassed? there's a true sign that you guys ARE working too hard