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By Ignoring the Treasury Secretary’s Advice, Did WaMu Make the Worst Possible Deal for Itself?
U.S. Treasury Secretary Henry M. “Hank” Paulson Jr. warned former Washington Mutual Inc. (OTC: WAMUQ) Chief Executive Officer Kerry Killinger to sell the thrift to JPMorgan Chase & Co. (JPM) two months before WaMu failed, both The Seattle Times and Bloomberg News reported.
According to the published reports, Paulson telephoned Killinger and told him that “you should have sold to JPMorgan Chase in the spring, and you should do so now. Things could get a lot more difficult for you.”
The Times report quoted a WaMu executive who was familiar with the incident, but didn’t disclose the source’s name.
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Ronald McDonald is a Safer Bet Than Uncle Sam
This past week saw a remarkable occurrence. The cost of insuring against a US default via credit derivatives hit record levels. It now costs more to insure against a US default on their debt than it does to insure against a default by McDonald’s. Ronald McDonald is deemed to be more trustworthy than Uncle Sam!
This is understandable in the light of the trillions of dollars in additional debt that Uncle Sam will soon be adding to its balance sheet. Yet the lemmings on Wall Street continue adding to their US dollar positions. Don’t be surprised to see a bailout down…
6Oct2008 | Oxbury Research | Comments Off | ContinuedForget the Bailout, Buy Like Warren Buffett
In today’s semi-political investment environment, it starts to become a little hazy whether we’ve turned the corner or whether we’re still headed for an even worse market crash. Press reports have praised the work of Treasury Secretary Henry Paulson and Congress for diverting the economy from a new version of the Great Depression.
The only problem is that their plan has not been adopted. It still must run the gauntlet of the U.S. Congress. Anyone who knows something about politics understands that trying to get a bill passed is like playing a grown up version of telephone – you may not…
26Sep2008 | Investment U | Comments Off | ContinuedWachovia CEO Thompson Shown the Door After 32 Years of Service, WaMu’s Killinger Steps Down as Chairman
G. Kennedy Thompson, formerly Wachovia Corp.’s (WB) chief executive officer, can now be added to the list of high-profile subprime casualties that already includes Citigroup Inc.’s (C) Charles O. “Chuck†Prince III, The Bear Stearns Companies Inc.’s (BSC) Chief Executive Officer James E. “Jimmy†Cayne, and Merrill Lynch & Co. Inc.’s (MER) E. Stanley “Stan†O’Neal.
Thompson will step down after 32 years of service after having made a series of untimely – and ultimately disastrous – decisions that have cost the company nearly half its market value over the past year.
Shareholders began clamoring for Thompson’s removal in April after the…
3Jun2008 | Money Morning | Comments Off | Continued
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