Washington Mutual, Inc. (Public, NYSE:WM) is screaming off the charts today, up 22% on talk about them landing $5 billion in cash. Good for them, and this is a stock that the Masters have played up and down. But the question really is, how will the stock perform next week?

Today a “a person familiar with the matter” said WaMu is close to landing a $5 billion cash infusion from private equity group TPG and other investors, according to the SeattlePI.com.

The investment would give TPG, formerly Texas Pacific Group, a mix of common and preferred stock, totaling less than 25 percent of WaMu’s outstanding shares, according to the person, who asked not to be named because the deal has not been announced. TPG would also get a seat on WaMu’s board.

Other investors include existing WaMu institutional shareholders and other private equity groups, the person said.

Investing in WM has been a rocky ride for the last few months, every week, something new happens that either lifts or drops the stock:

I’d like to believe the worse is behind us but today’s press about how the Financials are back on track is tough to swallow. I for one would love to believe everything is going to be rosy going forward, but the availability of capital has yet to be tested and put into place to benefit the average Joe needing a loan.

If the trend continues with the financials stabilizing, I’m with fellow Stockmaster Eric Cheshier who last month wrote – Citigroup cutting costs, time for a look. At that time Citigroup Inc. (Public, NYSE:C) was trading at $22.74 with a Dividend Yield of 6.9% and a stake in Visa (V). It appears Cheshier may have called the bottom with CitiGroup.

What I don’t like about our current financial crisis is all the money coming in from other countries to ‘help’ our banks and lenders.

Abu Dhabi bought $7.5 billion worth of shares in Citigroup last year and altogether the sovereign-wealth funds of countries like Abu Dhabi and Kuwait have spent over $30 billion bailing out our financial system.

To quote 60 Minutes: Which has raised troubling questions: are these mostly undemocratic regimes saving Wall Street … or invading it?

Great day for the financials but underneath it all you just have to wonder, “What If?”

For those of you that missed 60 Minutes last night, read and watch the following story (click here) – China Investment An Open Book? 60 Minutes: Sovereign-Wealth Fund’s President Promises Transparency.

Gao Xiqing, the head of China’s new sovereign-wealth fund pledges more transparency to allay fears that China will try to use its vast investment ability to exert economic or political control in the U.S. (CBS)

Last 5 posts by Ted Gottsegen

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