Wamu goes down, Wachovia and National City may be next
Kirit Parikh
Sep. 26, 2008

Shares of Wachovia Corp and National City Corp tumbled on worries about heavy mortgage losses intensified.

JPMorgan Chase & Co agreed to buy the bulk of Washington Mutual's operations, including deposits, for $1.9 billion. It also said it would take a $31 billion write-down for the loans it bought. The Federal Deposit Insurance Corp was appointed receiver for Washington Mutual.

Investors are fearful that a collapse of the bailout talks in Washington could prolong and deepen the freeze in various parts of the credit markets and deepen losses on banks'' balance sheets from troubled mortgages and other loans.

While both Wachovia and National City have several profitable businesses, investors are focused on their real estate exposures. Wachovia is the sixth-largest U.S. bank by assets, while National City is a large Midwest regional bank with a sizable presence in Florida.

Wamu goes down, Wachovia and National City may be next
Kirit Parikh
Shares of Wachovia Corp and National City Corp tumbled on worries...
READ MORE>>

McCain scare tactics play on bailout – a fighter pilot’s instinct, a political stunt, and a gamble on the nation’s economy
Sandra Johnson
McCain’s maneuvers were risky. His bailout plans were incomplete.
READ MORE>>

US is poised to lose its role as a global financial “superpower” in the wake of the financial crisis : German finance minister
Tania Solanki
It was the Afghanistan war that brought down mighty Soviets into humiliation.
READ MORE>>

Bush’s biggest ally on war against terror fired at American reconnaissance helicopters patrolling the Afghan-Pakistan border
Media Release
Two American OH-58 reconnaissance helicopters, known as Kiowas...
READ MORE>>

Stand up to your Senator and Congressman and say ‘no’ to $700 billion of entitlement for the rich and greedy
Paula Hass
It is time to take back the country from the scoundrels.
READ MORE>>

Senators McCain, Obama, do not run away from debate – do not sacrifice the future of my children for your rich friends in Wall Street
Karen Mahony
Incompetence and greed will be rewarded with a $700 billion free...
READ MORE>>

Time for politicians to lose their home and life savings before burdening tax payers with one trillion dollar inefficiency entitlement
Kara Taskola
Common households need bailout not the rich and incompetent financial institutions.
READ MORE>>

MORE ARTICLES >>