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Washington Mutual Begins Auction to Sell Itself

Posted by Yogesh on Thursday, 18 September, 2008

Washington Mutual, the struggling savings and loan, has put itself up for auction, people briefed on the matter said Wednesday.

The unsurprising announcement comes as the bank, which has suffered badly from losses on mortgages it had made, continues to stumble. Shares in Washington Mutual fell nearly 10 percent on Wednesday to $2.09; they have plunged 94 percent over the last 12 months.

Goldman Sachs, which Washington Mutual has hired, started the auction several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC. Source New York Times

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