Some bidders for Washington Mutual Inc. are pushing for a government assisted takeover of the bank, according to a report on Monday.
Among potential buyers for Seattle-based Washington Mutual (NYSE: WB) are Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC) and Banco Santander SA of Spain, the Wall Street Journal said citing unnamed people familiar with the situation.
Washington Mutual stock dropped as much as 23 percent in Monday morning trading as the nation's banking landscape continued a dramatic change, including news that two investment banks — Morgan Stanley and Goldman Sachs Group Inc. — were going to convert from investment banks to bank holding companies....MORE
I like these guys, eh?-From the Windsor Star:
..."This may be a once-in-a-lifetime opportunity for the Canadian banks to buy outstanding U.S. retail banking franchises on the cheap, so you have to assume that TD is at least looking," said one investment banker who works on financial services takeovers. "The question is whether you can get the U.S. taxpayer to immunize a buyer against all the bad loans still on the books at WaMu, or any other U.S. bank that a Canadian bank would want."...