Almost lost in the hubbub surrounding the debate over the financial crisis bailout in Washington DC, and the new 'banks' - Goldman Sachs and Morgan Stanley - poor little WaMu was virtually ignored today as it paraded its wares, trying to get a date.
A little rouge, a soft focus filter and a bit of overcast might improve the looks of things as the aging starlet continues on its path to the altar without knowing the name of the groom yet.
Interest was keen, but tempered - as expected when the suitor will have to pick up $19 billion of toxic mortgages. It doesn't look like TARP will cover WaMu.
It appears the FDIC and Office of Thrift Supervision are standing over the decrepit institution, wielding sticks, not carrots.
Citigroup, J.P. Morgan Chase and Wells Fargo are among the competitors. Given the situation, I can't imagine they'll find enough value to offset the stench of those mortgages.
Time is of the essence for this hot-house flower: if a buyer doesn't step forward soon, the FDIC will seize the institution - at which point branches could be sold independently.