WaMu closed the day at 16 cents. Its website says “WaMu Customers, Welcome to JP Morgan Chase”. The fail of Washington Mutual is the largest in history, yet it wasn’t nearly as front-page news as other failures. Something’s strange. But like I said, I haven’t a clue what it all means.
A CNNMoney.com article today put the size of WaMu’s failure into terms more easily understood for all us common folk:
“To put the size of WaMu in context, its assets are equal to about two-thirds of the combined book value assets of all 747 failed thrifts that were sold off by the Resolution Trust Corp. – the former government body that handled the S&L crisis from 1989 through 1995.”
My Dad thinks I should get out now. I can’t. Every bank failure and deal has been made over a weekend, so I’m hoping the bailout plan will come this weekend. However, I do really doubt it will do much to my share prices!
In other news, TMA extended its tender offer- again. Imagine that!
At least it’s the weekend. What a week! I think everyone needs a break. Maybe if everyone gets some rest over the weekend some sanity will return to the market on Monday. The Dow closed up 121 to $11,143. Crude lost $1.12 to close at $106.89.
