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JohnnyWinter

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Re: Lawrence 147 post# 108421

Thursday, 10/15/2009 12:39:03 AM

Thursday, October 15, 2009 12:39:03 AM

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"JPMorgan appears to be the biggest winner from the deal. Although it is immediately writing off $31 billion of the value of WaMu’s $176 billion mortgage-asset portfolio – and planning an $8 billion capital raising to offset these losses – the bank is getting a business it has long coveted. JPMorgan offered $4 a share, or about $7 billion, for WaMu in March and was rebuffed. This was before the full extent of the group’s woes came to light and translated into by far the biggest banking failure in US history."

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4833529.ece
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