Thursday, September 25, 2008

J.P. Morgan to buy WaMu's operations: report (WM)

From MarketWatch:
J.P. Morgan Chase & Co. will acquire most of Washington Mutual Inc.'s operations, according to a report published late Thursday....

...The sale isn't expected to impact the bank-insurance fund, according to the report....MORE
From the Hometown newspaper, The Seattle Post-Intelligencer:
Report: JPMorgan Chase to buy bulk of WaMu

The Wall Street Journal reported Thursday that JPMorgan Chase & Co. was expected to announce as early as Thursday night a deal to acquire the bulk of Washington Mutual Inc.'s operations in a deal that would mark the end of more than a century of independence for what once was the largest U.S. thrift.

Federal regulators have been heavily involved in orchestrating the transaction, which comes as WaMu was besieged by a mountain of bad mortgage loans, the Journal reported. CNBC reported that the Federal Deposit Insurance Corp. planned to seize WaMu, perhaps as part of the deal.

JPMorgan scheduled a conference call with investors at 6:15 p.m. Pacific time....MORE