Regulators Seek WaMu Suitor

Regulators are trotting around Washington Mutual trying to get banks interested in buying it. It’s sort of like in the old days when the local beauty queen, last scion of the largest landowner in the county, would get maimed in a horrible combine accident and the town elders would trot her catatonic body around to arrange a marriage so all her fields wouldn’t turn fallow and destroy the local economy for years to come. Wasn’t that given treatment in Faulkner? As I Lay Hemmoraghing Equity?

Regulators gauging other banks’ interests in WaMu [AP]

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  1. B says:

    How much do they want for it? I got a whole jar of pennies saved up.

  2. Corporate_guy says:

    Will they take food stamps?

  3. moore850 says:

    i hear the government is buying banks lately, maybe they’d be interested.

    • azntg says:

      .P. Morgan is suddenly playing hard-to-get again? Even when everyone knows they’ve been lusting over WaMu’s assets for at least a decade?

      Boy, that sounded weird.

      @moore850: The Government Mutual Bank, N.A. Colloquially referred to as GoMu! Whoo hoo!

      @zentex: Life as we know it is already on its way out. It’ll merely hasten it, in my opinion.

      @Rectilinear Propagation: Who says quietly? Some of us are quite outspoken, y’know? ;-)

  4. pb5000 says:

    that’s a weird analogy

  5. zentex says:

    sweet, sell the cow before it’s butchered.

    I have to wonder thou, with the FDIC selling off banks, and now trying to find someone interested in WaMu should it tank…isn’t the govt esentially CREATING monopolies?

    …and then whats gonna happen when the biggest of the big go tits up because they bought too many failing banks?

    • ColoradoShark says:

      @zentex: Haven’t you been paying attention? We, the taxpayers, will bail out the banks because they are too big to fail.

    • Rectilinear Propagation says:

      @zentex: Stop all that darn thinking! Considering the consequences, how dare you!

      @crabbyman6: I wanna know if people are quietly moving their money out of their accounts.

    • mac-phisto says:

      there is no eligible suitor. jp morgan-chase & bank of america are probably the only ones that could take on wamu with collapsing (wachovia, well-fargo & citi don’t have enough room on their balance sheets to absorb an additional $200 billion in deposits without some serious pains).

      problem is, i don’t see how either can do so without changing the regulation that caps domestic deposits at 10% or $700 billion. if this changes, expect what some experts have been predicting for years – an america with 2 banks (one east of the mississippi & one west).

      we really, really don’t want this to happen.

  6. laserjobs says:

    Too Big to Bail

  7. Ein2015 says:

    Ugh, and I’ve had positive experiences with WaMu so far. :(

    Hope none of this ruins their online capabilities or cause branches near me to close down.

  8. crabbyman6 says:

    I’m sure you’ll forgive me if, when I wake up on Saturday, I’m not surprised to read that WaMu has failed or been bailed out by its Uncle Sam.

  9. narf says:

    With the government taking over everything, now they’re the really big financial entity …

    … and we all know they’re not too big to fail. Right? Right? :)

  10. logicalnoise says:

    sorry I should add this was a couple monthes ago when they were just scaling back retail locations.

  11. CrazyRedd says:

    So did you make it on the bevel?

  12. Quill2006 says:

    The story in Faulkner’s As I Lay Dying has absolutely nothing to do with keeping lands in a family. Instead, the family is carting their dead mother around trying to get her to another town where she has demanded to be buried as a punishment to her husband. Through a series of disasters and much stupidity on the part of the family, the mother continues to rot in the coffin as they drag her around. Somehow this is supposed to contrast intellectualism and utilitarianism. I just thought it was terrible.

    Ah well, on with the collapse of the American financial industry.

  13. majortom1029 says:

    Its funny that about 6 months or so ago a chase employee told me this was going to happen and that I was making a good choice moving my account to chase (i did it because wamu kept playing games with my account).

  14. InsaneNewman says:

    This makes me happy:

    In my RSS reader, immediately below this article (actually, attached to it) as a WaMu ad that simply said “WaMU, Wahoo!”

    Priceless.

  15. speedwell (propagandist and secular snarkist) says:

    I hated to do it, but I found a credit union near my home (finally, they opened up after the storm) and opened a new account today. I’d been meaning to for months, but I really didn’t have a problem with my WaMu account of ten years’ standing, so I hadn’t made the jump. It’s going to be a bit tricky since I’m going to be overseas for six weeks starting Friday, but they are going to FedEx me my new check card tomorrow and I’ll be able to access some money in case my WaMu account goes south.

    Wahoo.

  16. ravensfire says:

    “Chapter 13

    My mother is a fish.” (Vardaman)

    Best chapter in a book ever.

  17. S-the-K says:

    I had a feeling something was going terribly wrong at WaMu when they started sending me multiple credit card solicitations per week. On a couple occasions I’ve received two solicitations on the same day. WaMu begs me to be a credit card customer even more than HSBC. They come faster than I can shred them.

    I took myself off the CRA solicitation list to see if I can get any better offers than I currently have. Unfortunately, none are close to what I currently have. At best, they are almost equal to cards in my sock drawer.