by Bill McBride on 9/25/2008 01:29:00 PM
Thursday, September 25, 2008
WaMu's stock price now off 31%.
Fitch and S&P both cut their ratings earlier this week. And any hope for a deal is apparently fading ...
Bank Failure Friday might be interesting tomorrow. With $310 billion in assets (hat tip Nemo), WaMu would be the biggest bank failure in history - in fact it would be larger than the previous top ten added together (although maybe not in inflation adjusted terms).
UPDATE: Analyst Richard Bove put an estimage on a WaMu failure, from Bloomberg: FDIC May Need $150 Billion Bailout as Local Bank Failures Mount (hat tip Michael Brian)
A federal takeover of Washington Mutual, which has assets of $310 billion, could cost taxpayers $24 billion ... according to Richard Bove, an analyst at Miami-based Ladenburg Thalmann & Co.