Market Currents

• Friday, September 26, 2008

• 20:36 PM Alan Fishman, who replaced Kerry Killinger as CEO of WaMu (WM) on Sept. 8, got a $7.5 million signing bonus and, with severance, could gross $13.5 million for less than three weeks' work. No word yet on whether JP Morgan Chase (JPM) plans to replace him. Comment!
• 07:57 AM Washington Mutual (WM) -92% to $0.15. Comment!
• 03:20 AM WaMu (WM) failure and bailout breakup weigh on futures. Dow -1.47%. S&P -1.69%. Nasdaq -1.26%. Comment!

• Thursday, September 25, 2008

• 22:07 PM With the acquisition of Washington Mutual (WM) assets, JPMorgan Chase (JPM) will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The banks will carry the Chase name, with complete integration expected by 2010. Comment!
• 21:58 PM Details of the JPMorgan (JPM) WaMu (WM) takeover: JPM is paying to FDIC $1.9 billion for all WM's  banking operations, assets and financial contracts. The Office of Thrift Supervision shut down WaMu and named FDIC as the receiver. WaMu and its subsidiary, WaMu FSB, have $380B in assets and $188B in deposits. Comment!
• 20:03 PM Megafund TPG Capital, which invested $7 billion in Washington Mutual (WM) in April, stands to lose the $2 billion that its stock was still worth until recently. Comment!
• 19:58 PM JP Morgan (JPM) is now reported to be buying all of WaMu's (WM) assets, including deposits and branches, for in excess of $1B. JPM is said now to be taking over all WaMu branches and opening them tomorrow.  Equity holders, including debt holders, are wiped out. [CNBC] Comment!
• 19:09 PM JP Morgan (JPM) is buying the deposits and some branches of Washington Mutual (WM) and is holding a conference call with investors at 9:15PM EDT. Reportedly the the government brokered the deal and may be assuming WaMu's liabilities. [CNBC] Comment!
• 14:07 PM Rescue progress isn't doing much good for Washington Mutual (WM), -18.5% to $1.84. Comment!
• 07:56 AM There is an increased likelihood of a partial sale of WaMu (WM), Fitch says, leading to greater uncertainty for debt holders. WaMu's retail network is attractive, but its loan portfolio remains a concern to potential buyers. Comment!
• 07:07 AM WaMu (WM) approaches private-equity firms, including Carlyle Group and Blackstone Group, about a possible takeover as a long list of bank suitors thins out. WM +12.8% pre-market. Comment!

• Tuesday, September 23, 2008

• 09:26 AM Pre-market losers: CEF -13%. WM -11%. RTP -9%. WB -6%. AAUK -5%. WYN -5%. UBS -5%. CS -5%. RBS -5%. STM -4%. Comment!
• 07:01 AM Toronto-Dominion Bank (TD) mulls a WaMu (WM) bid. Comment!

• Monday, September 22, 2008

• 08:03 AM Washington Mutual (WM) continues to look for potential buyers as the FDIC applies pressure on WaMu to address the uncertainty surrounding the company. Comment!

• Friday, September 19, 2008

• 08:36 AM Pre-market gainers - where to start? MS +54%. AIG +52%. NCC +36%. WM +35%. WB +35%. GS +34%. C +26%. MER +25%. BAC +19%. RBS +19%. ABK +19%. ETFC +18%. MBI +16%. UBS +16%. WFC +15%. BK +15%. JPM +14%. ORCL +12%. GM +13%. LYG +10%. GE +10%. COF +10%. RIMM +9%. ING +7%. BHP +7%. AAPL +7%. Comment!
• 07:41 AM Citigroup (C), basking in its new-found role as solution and not problem, is seriously considering a bid for WaMu (WM). Comment!