Wells Fargo – especially if “Bail-Us-Out-Ben” Bernanke will “temporarily” take a chunk of their bad paper. But why does J.P. Morgan appear to be the only “bank” who is solvent ? Many, many sellers and just one potential buyer ?!? Because J.P. is Bailing-Ben’s personal choice, or is J.P a conduit for Arab oil money ? Considerable irony that the namesake company of the fellow who could single-handedly rescue the markets and the financial system prior to ‘29 is now making “deposits” when everyone else is lined-up to make “withdrawals. A whole new level of irony would be that J.P Morgan is an investment conduit for the People’s Republic of China.
WaMu seems the best option for Dimon from a strategic point of view, so I wouldn’t be surprised to see him hold his cards a while and try that hand again after another quarter or two of losses. SunTrust would be the only other viable option as JPMorganChase is not looking for a grass roots growth in these markets, but rather an instant presence.
Jamie is the man! I’m a Chase employee and proud to work for Mr. Dimon. Avoiding exposure to such toxic products as subprime CDOs and Option ARMs was the smart move on the part of Mr.Dimon. Would be nice to pick up retail banks in key growth markets – SE, FL and West – however, I’d suspect a Midwest bank such as Nat City or Key.
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I like the idea of Dimon acquiring Sovereign but I think a much better strategic fit would be PNC. I also like SunTrust and National City but feel the latter is unlikely for similar reasons to those mentioned in the article.