Bloomberg flexes its muscle on WaMu (WM)
Source: http://thestockmasters.com/node/846Posted on Wednesday, September 10th, 2008 | In Market Commentary
After Bloomberg.com wrote this article, WaMu May Lose Suitors on Accounting Rule; Stock Plummets 30%, WM shares hit $2.30. The Power of the Media, but this article is right on the money.
The opening of the article made investors sell like crazy this morning:
Chief Executive Officer Alan Fishman, who sold the last bank he ran, may not be able to repeat the feat because new accounting rules for devalued loans are driving away buyers.
At least three potential acquirers ended talks this year to buy either Seattle-based WaMu or Cleveland’s National City Corp., according to two bankers involved in the talks. A sticking point, they say: a rule change that will force acquirers to compute a target’s assets at market prices instead of deriving values from measures including the purchase price.
How low can WaMu shares go, IndyMac low, or worse? Fellow Masters, stay clear from WM.
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Alan Fishman, Bank, Cleveland's National City Corp., Market Commentary, Seattle, USD, Wamu
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