This just in! The invisible hand of free markets (err Hank Paulson) is trying to get Washington Mutual (WM) sold. Because we don't want to see bank lines forming across the nation in an election season. If you want to see a human panic...
That darn S&P is downgrading everything now causing issues. Considering they did nothing the past 5 years (yes of course that mortgage backed security is "AAA"!), perhaps we should abolish them along with the naked shorting. Because now they are just creating panic since they want to be seen as "ahead of the curve".
- The U.S. government has been reaching out to large banks in an effort to organize a buyout of the beleaguered Washington Mutual Inc., according to a person briefed on the talks between regulators and banks.
- The obstacle, however, is that "no one knows what's in their books," the person said, speaking on condition of anonymity because of the sensitivity of the matter. There could be, he said, "a minimum amount of value there."
- A New York Post report Wednesday citing unnamed sources said regulators have reached out to Wells Fargo & Co., JPMorgan Chase & Co. and HSBC Holdings PLC, among other institutions.
- Rating agency Standard & Poor's downgrade of the thrift to "junk" status, "is likely to add more impetus to Washington Mutual to act quickly," Bruce, who lowered his price target on the stock to $1 from $3, said.
One day we'll look back at these past 2 weeks and say "I was there". Right now I wish I was not "there" :)
I can only imagine the scenario where the ex CEO of Goldman Sachs (Uncle Hank Paulson), is leading the bailout of the current CEO of Goldman Sachs. How surreal would that be?
The hits keep coming. Onward.
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