Citigroup won’t buy Washington Mutual

MidnightVoice · ‎09-19-2008

http://www.msnbc.msn.com/id/26774212/

Citigroup Inc is unlikely to proceed with a possible deal involving savings and loan company Washington Mutual Inc., the Wall Street Journal said on Thursday, citing one person familiar with the situation.

Sources familiar with the matter told Reuters on Wednesday that Washington Mutual, hit by mortgage losses, has put itself up for sale.

One of the sources said it had hired Goldman Sachs & Co and Morgan Stanley to run an auction and that potential buyers included Citigroup, HSBC Holdings Plc., JPMorgan Chase & Co. and Wells Fargo & Co.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

haulingthescoreup · ‎09-19-2008

WaMu to Wall Street: Hey, sailor, buy a girl a drink?

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎09-19-2008

Citi is even smarter than we thought!!!!!!!!

athensguy · ‎09-19-2008

Wouldn't a buyer have to deal with that death spiral capital from earlier? Or would they be able to get the fed to exempt from those contract details?

MidnightVoice · ‎09-19-2008

athensguy wrote:
Wouldn't a buyer have to deal with that death spiral capital from earlier? Or would they be able to get the fed to exempt from those contract details?

The Fed seems happy to bail out millionaires right now

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

MattH · ‎09-19-2008

@MidnightVoice wrote:

@athensguy wrote:
Wouldn't a buyer have to deal with that death spiral capital from earlier? Or would they be able to get the fed to exempt from those contract details?

The Fed seems happy to bail out millionaires right now

My wife suggests they call the law they are working now the MOAB Act of 2008 = Mother Of All Bailouts.

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

athensguy · ‎09-20-2008

The Bush Administration asked Congress to approve $700 Billion for mortgage bailouts and to raise the national debt ceiling to $11.3 Trillion.

MattH · ‎09-20-2008

@athensguy wrote:
The Bush Administration asked Congress to approve $700 Billion for mortgage bailouts and to raise the national debt ceiling to $11.3 Trillion.

Yep, the Mother of All Bailouts. A MSNBC reporter suggests one of the conditions for any bailout should be what he calls a "greed bailout" for consumers, ie. companies be required to treat their customers dramatically better (I'm not holding my breath!):

http://redtape.msnbc.com/2008/09/in-exchange-for.html

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

Anonymous · ‎09-20-2008

Hauling said:

WaMu to Wall Street: Hey, sailor, buy a girl a drink?
______________________

More like, "Remember me, I used to be the hottie in high school?"

Answer: "Yeah, but now, you looked pretty weathered. Too many bourbon and sodas, too many butts and not enough botox!"