Labeling this as a catastrophic event that signals TPG not remaining behind their investment in WaMu is ludicrous. TPG still holds stake in the company. How about we stick to facts that are outlined in the articles that we link to and we don't attempt to infuse additional information or scare tactics that are NOT addressed in the article?
These excerpts are taken from the article that Johnny Winter posted from March 2009. Please take note of portions of the excerpts in bold and/or underlined. The fact that TPG "wrote down" their investments in Washington Mutual IN MARCH is not an indication of anything special. They are simply reporting a loss that occurred due to the illegal seizure of WaMu.
"NEW YORK, March 18 (Reuters) - Texas-based private equity firm TPG wrote down the value of investments in its latest buyout fund by 29 percent at the end of 2008, according to a document obtained by Reuters on Wednesday."
"The fund reported a realized loss of $473 million on that investment, according to the document."
"Firms are in the midst of telling their investors the figures for the year end. For example, buyout giant Blackstone Group (BX.N) wrote down the value of its buyout Fund V by 35 percent for 2008, a source who saw a letter it sent to investors told Reuters earlier in March."
"Private equity firms are now obliged to value their assets as if they were to sell them today, rather than years in the future when they may be sold. The accounting rule known as FAS 157 came into effect for financial years beginning after Nov. 15, 2007."
Nothing to see here folks, move along.
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