This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Washington Mutual Preps Itself for Sale

WaMu has already been the source of much speculation regarding a sale. Several media outlets have reported that the Seattle-based company was in serious discussions with JPMorgan Chase, and rumored to be getting closer to making an offer.

The New York Post, citing anonymous sources, reported Wednesday that federal regulators called a number of banks, including JPMorgan Chase, HSBC (HBC) and Wells Fargo, asking if they would consider acquiring the ailing Seattle lender.

But so far no deal has been made. WaMu rebuffed an offer this spring by JPMorgan to acquire the company. The Post article said no discussions regarding a takeover are currently under way between WaMu and other firms.

A spokeswoman for WaMu said the company does not comment on rumors or speculation.

Companies from all factions of the financial services industry are facing liquidity and capital crises, forcing many to go under, be sold or bailed out by the government.

This week alone, mortgage-centric investment house Lehman Brothers (LEH) filed for bankruptcy on Monday and has since agreed to sell a portion of its business to Barclays (BCS). Merrill Lynch (MER), fearful that it could be the next broker to go under, agreed to sell itself the same day as Lehman's bankruptcy filing in a hurried deal to Bank of America (BAC). On late Tuesday, the world's largest insurer American International Group (AIG - Get Report) had to be bailed out by the government.

BofA is already integrating its July acquisition of the nation's largest mortgage lender, Countrywide Financial, while rival IndyMac Bancorp was seized by regulators this summer. Earlier this month the government-sponsored mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) had to be bailed out by the government. Bear Stearnswas acquired by JPMorgan Chase in the spring.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AIG $54.03 -0.26%
C $51.00 -0.37%
JPM $59.55 0.02%
MS $35.83 0.59%
WB $12.93 -2.05%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs