Citi Weighs Washington Mutual Takeover Bid

Wall Street Journal:

Citigroup Inc., moving to take advantage of the turmoil that is hobbling banks throughout the U.S., is considering making a bid for Washington Mutual Inc., according to people familiar with the situation.

"People view us today as being a source of the solution, instead of part of the problem," Gary Crittenden, Citigroup's chief financial officer, said in an interview. He declined to comment specifically about WaMu.

Citigroup and several other banks are reviewing the Seattle thrift-holding company's books, which are packed with shaky mortgages, people familiar with the matter said Thursday. Other interested parties include Banco Santander SA, of Spain, and Wells Fargo & Co., of San Francisco. J.P. Morgan Chase & Co., which was spurned by WaMu earlier this year, is biding its time on a potential bid, people close to J.P. Morgan said.

Read the whole story: Wall Street Journal

Comments

[Phil Waste]

You have no idea how bad you have been sc r e wed. Who do you think owns all that bad paper that our government is paying off? Most of it is owned by dummy corporations owned by the Saudis, Dubai, Kuwait and China.

You just stay home and do nothing while the biggest heist ever attempted is carried out right under you nose.

I am ashamed to be a gutless American.

Who do you think owns WaMu and Citi?

[BigBagel]

Two zombie banks merge.

[Liberoservative]

What amazes me is that they still haven't learned a lesson....
This guy that WaMu has brought in to "fix" them has been promised an 8.1 MILLION dollar payout if he can keep WaMu afloat throush 2009......­...

8.1 MILLION DOLLARS???????

Give me a fracking break

[BlueZoo]

Peanuts! I'm much more aghast at the $30+ Million the heads of Fannie Mae & Freddie Mac each walked away with! I don't blame any of these guys for taking this money. I would too! The problem really lies with the companies that agreed to these astronomically GOLD parachutes! I keep wondering WHY are the shareholders agreeing to it? They're the ones who should raising holy hell!!!!

[SwingingFromCenter]

It's amazing how short-sighted and poorly run all these banks were.

A year ago, WaMu was a big deal, acquiring a credit card company to get into that market, becoming one of the largest banks in the country, a veritable corporate superstar in the making.

Now they're holding out their hands begging somebody to take them. Just like the rest of these guys. This is why you should never rely on someone having an MBA to run a company. No real qualifications other than those 3 letters, which usually stand for Master BS Artist.