JP Morgan To Buy WaMu???

Thanks to PVD, for this. That was really nice.

Now is JP Morgan being nice - or naughty?

If true, it's great news. We're still on the road, but it won't be quite so bumpy.

From American Banker

JPMorgan Chase in Advanced Talks to Buy Wamu: Sources
American Banker | Friday, September 12, 2008

By Cheyenne Hopkins and Joe Adler

WASHINGTON - JPMorgan Chase & Co. is in advanced discussions to buy
Washington Mutual, sources said Friday.

While a deal has not been struck, and could fall apart, sources said
negotiations are ongoing at the highest levels of both companies,
including James Dimon, the chairman and chief executive of JPMorgan, and
Alan Fishman, the newly-installed CEO of Wamu.

A spokesman for JPMorgan Chase declined to comment. A spokesman for Wamu
was not immediately available for comment.

If a deal is struck, it would remove a potentially huge problem facing
the government. Regulators have already intervened to save Fannie Mae,
Freddie Mac, and Bear Stearns Cos., and are reportedly aiding the sale
of Lehman Brothers Holdings Inc.

The talks between JPMorgan Chase and Wamu do not involve the government,
sources said. Observers had said earlier this week that a
government-assisted transaction may be necessary if Wamu did not recover
or find a buyer soon.

Sources cautioned the situation remains in flux and other bidders for
the Seattle-based thrift company could emerge. But knowledgeable sources
were optimistic the deal would come together.

"It's quite plausible," said one source. "It's a possibility this
weekend."

JPMorgan Chase pursued a deal with Wamu in March, but talks fell apart
after the thrift received a $7 billion capital infusion from TPG Inc. in
April. Sources said JPMorgan Chase has remained interested in buying
Wamu since that time.

Wamu holds $309 billion in assets, and roughly $190 billion in deposits.
A collapse of the thrift company would have a severe impact on the
Deposit Insurance Fund.

May you live in interesting times, WaMu