September 12th, 2008
The rumor mills have been in high gear today. Lehmen Bros. is rumored to be in negotiations for a 3-way split. The suiters supposedly are Bank of America (remember they also bailed out Countrywide), an Asian company, and some Private Banking Group. Official news may be let out on Sunday. What ever happended to not working on Sunday and taking a day of rest?
Wamu (Wahoo!) comes next. Their stock is trading below $4 per share and capital fading quickly. JP Morgan is rumored to be the one that will acquire them. Wamu had been offering a 5% for 1Y. That should give a clue on their health.
Now don’t go making a run on Wamu. That won’t help them or JP Morgan if they buy them out. If your funds are under the FDIC limits you will be fine, one way or the other.
So now we wait until Monday to see what new news there is. Have a happy weekend. We’ve had a 1Y at 4.40% APR this week. It might be good on Monday. You would net 4.30% after the fee. Also have a 21-month at 4.30% APR with no fee. $99K deposit minimum.
-- By +Chris Duncan