>> WM ... Bankruptcy has now been taken out of the mix ...
I certainly hope so.
This morning I met with the President and another officer of largest local thrift in my coverage area. He was encouraged that WM looks like it might get out of trouble. We should know by now that these capital infusions are done at enormous expense/dilution. So it is a bit early to declare victory. Let's see the deal details first.
As I posted there are substantial reasons to think that the credit crisis is resolving. But it is not a sure thing yet.
If I were inclined to be long WM (I am not) then I would consider partially offsetting the long with shorting WB. (Since it has done less to price in the losses than other thrifts and may suffer other merger integration costs from the recent buy.)
"""Bankruptcy has now been taken out of the mix"""" It looks like the possibility of bankruptcy caused by the mortgage mess is out of the question, but what's next?????
The mortgage mess could be just the 1st stage. The consumer is tapped out, he's up to eyeballs in debt and he just fell and he can't get up!!
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