Nobody wants to buy Washington Mutual

[Hugabear]

http://www.ft.com/cms/s/0/8324772c-85af-11dd-a1ac-0000779fd18c.html?nclick_check=1

<snip>
Goldman Sachs is conducting the auction for Seattle-based WaMu, which is the sixth largest US bank, with $310bn (€215bn, £170bn) in assets and more than $140bn in deposits.

Goldman has approached a number of banks, including Citigroup, JPMorgan Chase and Wells Fargo, according to people close to the situation.

The banks declined to comment, but people close to the talks said JPMorgan was not planning to bid for WaMu, while San Francisco-based Wells Fargo generally focuses on small acquisitions. Citi is also believed to be wary of expanding its US retail operations.

Fred Cannon, analyst at Keefe, Bruyette & Woods, said that while WaMu’s franchise and retail branch network on the west coast of the US made it an attractive prospect for banks such as JPMorgan, a buyer would have to take up to a $37bn accounting hit from the deteriorating mortgage portfolio.
<snip>


Watch for Washington Mutual to go belly-up sometime next week.

[fed_up_mother]

1. IF the Chinese don't buy it, first. :(

[Hardrada]

2. I don't need a bank right now but I will mention it at choir practice.

[Cleita]

3. I heard on BBC news that England's Barclay's bank might be interested.

WaMu is my bank but only for my checking account. I took any serious money I had there out last January but I'm not sure that what I put it into instead is any better.

[melody]

4. They bought the broker segment of Lehmans

I wonder if they'd have the resources for both.