octo-box alert
Posted by on 09/26/2008 at 01:28 PM
Jamie Dimon: Better Lucky Than Good?
Friday, September 26, 2008 - 1:24 am
While it remains to be seen if Jamie Dimon pulled off a sweetheart of a deal with Bear Stearns, it appears he gets lucky from time to time:
The pressure on WaMu to shore up its balance sheet kept mounting. In March, JPMorgan Chase saw an opportunity and urged WaMu in a letter to consider a quick deal. On the same weekend that JPMorgan’s chief executive, James Dimon, negotiated his daring takeover of Bear Stearns, he secretly dispatched members of his team to Seattle to meet with WaMu executives. When JPMorgan Chase offered WaMu $8 a share, largely in stock. But Mr. Killinger balked at the price — as well as the fact that he would lose his job.
Dimon gets the parts of Washington Mutual (WM-NYSE) that he wanted, and saves roughly $12 billion. Nice. Too bad Kerry did not sign off.
But the hits just keep on coming.
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WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History
WSJ
Comments:
Yes Ocotobox was duly noted on Twitter today in real-time.
We rallied strongly after the octobox...2-fer-2 now
SJ
Posted by on 09/26/2008 at 06:06 PM
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