Who’s Next
The failure of WaMu was the single largest bank failure in the United States. In fact, it was larger, in nominal terms, than the previous ten largest bank failures combined.
People are wondering, who’s next? The last time I heard that question, I ridiculed it, saying that it was obvious WaMu was next. Fortunately (for everyone), the answer isn’t as obvious this time. However, if I had to guess, my guess would be Wachovia.
Here’s why:
Calculated Risk: More Wachovia Suitors
Wachovia (WB) was down 27% today, closing at $10. They are down to $8.50 a share after hours. They actually weren’t the worst performing bank.
