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Wachovia Shares Fall In Pre-open After WaMu Failure

NEW YORK -- Shares of North Carolina's Wachovia Corp fell more than 16% in pre-open trade Friday. The bank, which is the largest originator of mortgages called "option ARMs", came under pressure after the late Thursday failure of Washington Mutual , the second largest originator of option ARMs. Wachovia shares changed hands in pre-open trade at $11.40, down 16.8%.

http://www.foxbusiness.com/story/markets/industries/finance/wachovia-shares-fall-pre-open-wamu-failure/
 

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antisocialbutterfly
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I'd put my fiat currency on it...

http://bankimplode.com/

A quote from "Government seizes WaMu and Sells Some Assets" courtesy of the New York Times:

"Federal regulators had been trying to broker a deal for Washington Mutual because a takeover by the F.D.I.C. would have dealt a crushing blow to the federal government’s deposit insurance fund. The fund, which stood at $45.2 billion at the end of June, has been severely depleted after suffering a loss from the sudden collapse of IndyMac Bank. Analysts say that a failure of Washington Mutual would have cost the fund as much as $30 billion or more."

Oh, BTW- IndyMac was seized July 11th...
 

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not a nut
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Wachovia Shares Fall In Pre-open After WaMu Failure

NEW YORK -- Shares of North Carolina's Wachovia Corp fell more than 16% in pre-open trade Friday. The bank, which is the largest originator of mortgages called "option ARMs", came under pressure after the late Thursday failure of Washington Mutual , the second largest originator of option ARMs. Wachovia shares changed hands in pre-open trade at $11.40, down 16.8%.

http://www.foxbusiness.com/story/markets/industries/finance/wachovia-shares-fall-pre-open-wamu-failure/
I would think Wamu and the bailout would keep the fed occupied this weekend.

If the bailout doesn't pacify the market I think YES Wachovia will be next to bite the dust.

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Today it was announced on CNN, that Wachovia failed, and Citibank bought them.

Many more to fail I suspect, cause this house of finanical cards hasn't totally collapsed yet.
 
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