Concerning the secret auction arranged by the FDIC, JP Morgan got the deal of the century, as their top bid of $1.9 billion brought them $118 billion in deposits and another 2,239 branches into their fold.
The news is starting to FLOOOOOOOOOOOOOOW... Once word really gets out JPM/FDIC have no alternative other than to settle up.
I really believe it's going to be JPM acquiring WMI with FDIC settling up JPM on a cash basis. That would allow JPM to use "shares" and take over notes with low cost, yet give them a large influx of cash money from the FDIC!
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