Castboy -
The most important paragraph in the article is:
Going in as and when it did, TPG must have believed WaMu's falling knife had fallen far enough, that WaMu's assets (largely mortgage loans) had already been written down so much that what the firm was paying for wasn't WaMu's loans at all, but the bank's deposit-generating machine.
It shows that TPG was betting on the bank and not the loan portfolio. It also implies what I posted in the past, which is that most of the loans were hollow. This author uses the phrase "written down". Although some value of the loans was still there at the time of seizure, it is a clear indication Large Green's valuation of what will be returned by FDIC-R is a little off.
Time will tell.
Mostly opinion.
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