WaMu Thursday

This would have been big news, once upon a time.

But this news has been expected for a while, and today is also Bailout Blowup Thursday.

Anyway, looks like FDIC may have avoided losses on this one(?)*, WaMu debt and equity holders get zeroed, and JPM takes on the crap loans with the great deposit base. If Sheila Bair did get away without taking any losses, that's a hell of a trick. Good on ya, Sheila!

UPDATE: * The FDIC may take no losses, but if Paulson gets his way, the taxpayer will take the losses from JP Morgan.

No comments:

More academic malpractice against gold

This is just pathetic. WSJ : Gold is, in fact, a poor hedge against inflation. Accounting for changes in the cost of living, gold has re...