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’Further further reading
For the commute home, good luck with the St Patrick’s Day crowds,
- Highlights from the WaMu lawsuit.
- Is Germany’s labour market miracle really a mirage?
- The hollowing out of the US labour market.
Lehman leads in ‘lottery ticket’ rally
Almost a year after Lehman Brothers filed for bankruptcy, the value of Lehman shares has soared amid a surge in trading activity that one analyst described as “tulip mania”. Other bankrupt companies,
FDIC forgot
It forgot $4.4 billion.
FDIC is currently fighting with WaMu (Washington Mutual Inc.) and bondholders to access the money, a deposit in WaMu Inc’s Washington Mutual Bank FSB subsidiary, from JP Morgan.
Tosca, the broken deal-maker
So which US bank was Martin Hughes going to get taken over by Spain’s Santander, which would then have stepped up with a rescue deal for Washington Mutual, before the US authorities went and spoilt everything?
We ask because the matter is referred to in the latest monthly report to shareholders in Mr Hughes’ hedge fund,
New WaMu preview for you
Sorry. This is reportedly the first advertisement from WaMu post being taken over by JP Morgan.
Via brand and design blog Change Order:
The text reads:
WaMu has a bright new future, thanks to the stability of JPMorgan Chase (and their nearly trillion dollars in customer deposits).
JPMorgan shakes up WaMu
JPMorgan Chase is emptying out the executive floor of Washington Mutual’s Seattle headquarters, a week after purchasing banking assets belonging to the largest US savings-and-loan association, reports the WSJ.
WaMu goes grey
From the file of things that no longer exist, Gawker brings us this screenshot of WaMu’s homepage last week:
Fast forward a few days after the takeover by JP Morgan:
That’s a lovely shade of grey,
Mystery bank on the brink
Things like this (via The Crypt) can’t be helpful for investor confidence, surely?
Sept. 27 — Sen. Robert Bennett (R-Utah), a key member of the Senate Banking Committee, warned Saturday that another major US bank was ‘teetering’ on the edge of failure and would go under if the bailout deal doesn’t come through soon.
WaMu seized, JPMorgan agrees deal
In the biggest bank failure in US history, JPMorgan Chase will acquire deposits and some branches of Washington Mutual for $1.9bn after US regulators took over the sixth biggest US bank on Thursday night,
JPMorgan’s WaMu deal
The full cost to JPMorgan of taking over Washington Mutual’s banking deposits and loan portfolio will be much higher than the initial $1.9bn, reports the WSJ, because it plans to write down about $31bn of the bad loans and raise $8bn in new capital.
Morgan Stanley, Goldman, WaMu eye deals
While Morgan Stanley is reportedly talking to various banks including Wachovia, HSBC and Chinese entities, other banks are also making efforts to avoid becoming the next victim of the credit crunch, reports the FT.
The cost of protection on the Street
Soprano-esque CDS prices, from Markit,
Up the WaMu?
The newly popular – and increasingly grim – game of prediction being played in financial markets gained a new dimension on Monday when realisation sank in that the US authorities would not necessarily prevent a big investment bank from going to the wall.
Wamu for you
Here’s an FT Alphaville snapshot of just how bad things are for WaMu this morning.
After ousting CEO Kerry Killinger yesterday, the thrift’s share price slumped as much as 24 per cent. That’s despite suggestions that the new CEO,
Toscafund reveals 6% WaMu stake
Toscafund, the largest London hedge fund specialising in financial services, disclosed on Thursday that it had a 6% stake in Washington Mutual, making it the second-largest investor in the biggest US savings and loan group,
Banks WaMu’d
For those who missed it, US savings and loan bank giant Washington Mutual suffered badly on Thursday.
A slew of dire news pieces and downgrades sent the bank’s share price down more than 23.4 per cent,
Still value in structured AAA
German bank LBBW – relatively speaking one of the hardest hit institutions by structured finance – has €68.3bn of covered bonds outstanding.
While LBBW has an institutional rating of A+, all of its covered bonds were affirmed AAA on Wednesday by Standard & Poor’s: