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Thursday, September 25, 2008

JPMorgan to Buy WaMu Operations

by Calculated Risk on 9/25/2008 07:55:00 PM

Note: Live bloggin' the confence call at 9:15 ET.

CNBC reports: FDIC to Seize WaMu and Sell Deposits to JPMorgan

The Federal Deposit Insurance Corp will seize Washington Mutual and sell its deposits to JPMorgan Chase for an undisclosed sum, CNBC has learned. The deal is expected to be announced during a Thursday night conference call at 9:15 p.m. ET.
JPMorgan announces investor conference call:
JPMorgan Chase & Co. (NYSE: JPM) will host a conference call at 9:15 p.m. (Eastern Time) tonight, September 25, 2008. You may access the conference call by dialing 1-877-238-4671 (U.S. and Canada) / 1-719-785-5594 (International) - access code: 814030 or via live audio webcast at under Investor Relations/Investor Presentations. Materials and further communication will be available on this website at the time of the call.

A replay of the conference call will be available beginning at approximately 1:00 a.m. on September 26 through midnight, Thursday, October 9 by telephone at (888) 348-4629 (U.S. and Canada); access code: 942856 or (719) 884-8882 (International). The replay will also be available via webcast on under Investor Relations, Investor Presentations.
From the WSJ: J.P. Morgan to Rescue Faltering WaMu
J.P. Morgan Chase & Co. was expected to announce as early as Thursday night a deal to acquire the bulk of Washington Mutual Inc.'s operations in a deal that would mark the end of independence for what once was the largest U.S. thrift.
Looking for details ...

From the NY Times: Regulators Broker Deal on Washington Mutual (hat tip Walt)
Washington Mutual, the nation’s largest savings and loan, agreed Thursday to sell assets and some branches to JPMorgan Chase in a government-brokered deal to rescue the troubled bank, according to people briefed on the deal.

The deal is expected to be discussed at 9:15 p.m. on a conference call for investors held by JPMorgan.