Update on WaMu

The other day, I posted about concerns that WaMu could be the next big bank to fail. Now, the bank has put itself on the auction block. Looking for a buyer to take over the bank.

The New York Times, citing unidentified people familiar with the matter, said an auction of the bank was already under way, and The Wall Street Journal reported that Wells Fargo & Co. and Citigroup Inc. expressed interest in a takeover. Also citing unidentified sources, the New York Post said the possible buyers included JPMorgan Chase & Co. and HSBC Holdings PLC., as well as Wells Fargo.
- Kansas City Star

Reportedly, the sale began several days ago. I am not sure, I like the idea of WaMu becoming a part of the British bank that also owns HFC (Household Finance) which itself, is reportedly troubled by the high risk loans that it has issued.

Over, the years, I have thought it would be great to have a banking account at Citibank. Still, would that be the best move? Then there is the reported interest by JPMorganChase, to me that would be less palatable then Citibank being the new name on the banking giant. That brings us, to final name mentioned and that's Wells Fargo. Certainly a bank that has been around forever, in this country and seemingly strong. I would find it as acceptable as I do the Citibank possibility. Whichever bank makes the purchase, I believe it should be a complete merger, eliminating the Washington Mutual, which gives the false impression that it is just a bank in the state of Washington.

Perhaps, the best thing would be for Citibank to purchase WaMu's credit card division and Well's Fargo to purchase the bank deposit's. Said another way, split WaMu's assets amongst two purchasers, whoever they might be. Anyway, that's my thoughts on it.
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go ahead share your thoughts with me now.

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