Remember the Keating Five!!!

I'm in the tank for Rachel Maddow and this really made her especially special for me.

Anyone notice how old McCain looked back then in the olden days? Just saying. I think John's had some work done, if you know what I mean. I bet Cindy flew him to Brazil to see her plastic surgeon.

Boom! Down Goes WaMu!

We finally get to see the dreaded bugaboo of the Republicans--The Domino Theory. Only they more than likely never thought of it in just this way. Well here's your laissez faire capitalism, your free market, and your deregulation gets you jack. And down goes WaMu to be plucked from the trading floor a worthless husk, a name only, one of many dominos.

Washington Mutual to Sell Deposits to JPMorgan
SEPTEMBER 25, 2008, 7:11 PM
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TOPICSMergers & Acquisitions INDUSTRIESFinancial Services

The federal government has arranged for Washington Mutual to sell its
deposits and some branches to JPMorgan Chase, people briefed on the
matter said Thursday night.

The deal does not include any branches in New York City.

Washington Mutual has seen its stock slide nearly 88 percent this year.

The firm recently hired Goldman Sachs to solicit potential buyers, and
the list has included the likes of Citigroup, Wells Fargo, HSBC and
Banco Santander.

While Washington Mutual argued that it has adequate capital, it has
suffered debilitating downgrades of its credit rating over the past
two weeks, endangering its financial health.

The talks have continued amid heightened concern about all financial
companies and an intense political battle over creation of a giant
bailout fund on Capitol Hill. Washington Mutual plunged into the
subprime mortgage and credit card business over the last few years,
and has been ravaged by the worsening housing crisis. Analysts suggest
that it could rack up losses totaling $30 billion or more.

Washingon Mutual had struggled to find a partner earlier this year
willing to inject fresh funds in its ailing business. This spring, it
balked at an offer from JPMorgan Chase to buy the entire company.
Instead, TPG, the big private equity firm, led a group of investors
that made a $5 billion capital injection in April.

–Andrew Ross Sorkin, Eric Dash and Michael J. de la Merced

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