It's two for one weekend: BoA/CIC for Lehman and JPM for WaMu?

wow, FT says Bank of America, China Investment Corporation and JC Flowers are in talks to buy Lehman. I bet the negotiation is with Paulson. Does he want to look tough over 30B? What's 30B? 3% of the current debacle? Who are we impressing? Talk is that funding would come from a markdown of debt.

Amid rumors of an old fashioned bank run, now it is Washington Mutual that would be swallowed by JP Morgan over the weekend. Argh people! Slow down!!!

I got to Focus! Breathe! Focus! It's going to be a long weekend. No pun intended, but I am long over the weekend, could be badly burnt. Is it just me or does it feel PAST tipping point.

Comments

Unknown said…
Great, and I just ordered new checks from WAMU!
September 12, 2008 at 3:28:00 PM PDT
John M said…
It would be surprising if FDIC didn't take down somebody this weekend, but I don't hear any rumblings. Yeh, I think Lehman is gone tomorrow, but WaMu probably waits another week. Then AIG, about 2 to 3 weeks out.

Has it been only 6 days since the GSE bailout? The gasping-in-horror thingie about the derivatives that unwound on that event has barely started, let alone the regional banks that got caught holding the preferred.

This is an amazing mess.
September 13, 2008 at 9:46:00 AM PDT
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