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Wednesday, September 17, 2008

WaMu Up for Auction

posted by on September 17 at 17:03 PM

Let the bidding begin:

Washington Mutual, the struggling savings and loan, has been working on several efforts to save itself, including a potential sale, people briefed on the matter said Wednesday.

Goldman Sachs, which Washington Mutual has hired, started the process several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC. But no buyers may materialize.

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Does that mean they're going under for sure now?

Posted by sepiolida | September 17, 2008 5:38 PM

Perhaps they should have let the old fogies in their commercials run things after all.

Posted by nightlifejitters | September 17, 2008 5:49 PM

@2. Ha. That's awesome...

Posted by Julie in Chicago | September 17, 2008 6:07 PM

yah, i mean, free checks for life?! you can't run a business that way! charging ATM fees maybe their only hope.

Posted by jrrrl | September 17, 2008 7:40 PM

jrrrl, is that a joke? cause then theyd lose their only asset; their customer base.

Posted by Bellevue Ave | September 17, 2008 8:00 PM

Until WaMu fesses up to whatever unholy crap it lists as "assets" on its balance sheet (and there is zero indication that anyone at that place is inclined to honesty toward their shareholders and lenders), no one should touch it. Good riddance. The only shame is that as taxpayers we have to foot the bill for the ridiculously underfunded FDIC that will have to bail them out.

Posted by kk | September 17, 2008 8:26 PM

The only thing I have at WaMu is an IRA, through no fault or intention of my own. It started out at First Interstate, which was then swept up by Wells Fargo, but then they were forced to divest and so that particular branch was sold to WaMu. 3 banks, zero moves by me.

Just like bed buddies -- ignore them enough, and they start rotating on you.

Posted by rob | September 17, 2008 9:44 PM

WaMu's giving me 3.4% for my online savings account funds. Guess I'm gonna lose that. Damn. No safe place to put what little money I have anymore.

Posted by jme | September 17, 2008 10:00 PM

You can get 7 percent at Washington School Employees Credit Union, jme.

Yeah, not a misprint.

Credit unions - they're where it's at!

(aside to WaMu - yeah, i frickin remember the monorail and you killing it)

Posted by Will in Seattle | September 17, 2008 10:06 PM

I bid 800 Quatloos!

Posted by Yellow Brain | September 17, 2008 10:38 PM


Does that cover the entire balance, or just a portion? BECU offers something like 5 1/2%, but I believe it's only for the first $500 in the account.

Posted by COMTE | September 17, 2008 10:41 PM

Is it on eBay? I can't find it. :(

Posted by NapoleonXIV | September 18, 2008 8:52 AM

@7, I don't believe IRAs are covered by the FDIC.

Posted by joykiller | September 18, 2008 9:44 AM

They have enough capital to eat their losses until 2010. Most of their losses are from picking up mortgage holdings that have since gone bad, and much of their business comes from retail deposits, which remain viable. The Feds are pushing them to sell because of outside pressure from speculators (and possibly the media) who think WaMu is on the brink. WaMu is not on the brink, but the sale they're being pressured into is a case of the Feds being safe rather than sorry.

Posted by WaMu inside sources | September 18, 2008 2:40 PM

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