Jaime Dimon to the rescue of WaMu

Jaime Dimon is Herr Bush's fair haired boy. He served up cheaply Bear Stearns on a platter, and at a bargain basement price. Now Herr Bush's put the largest commercial banking failure in US history Washington Mutual, better known as WaMu, into JPMorgan Chase's basket, and at a greatly reduced price. Why? Well with the government snapping up failed Wall Street toxic bonds and rescuing Fannie Mae & Freddie Mac, and throwing a life line to AIG, taking over WaMu would cause a larger rebellion among the moss back Republicans who are sabotaging il Signor Paulson's package to quiet jittery financial markets at home and abroad. JPM can well afford it, for he's paying less than us$2bn on the cheap, a sum which what Bear Stearns brought him almost pays for the deal. More, JPM has space to expand on the US west coast where it is under represented. So, like the cat that ate not one but two fat canaries, Jaime Dimon is sitting pretty. And, for WaMu's subprime mortgage debt, he does give a flying fig! Why? Well the government's rescue plan will take them over, and Dimon will simply dip his white bread into the gravy that's left. Ain't that a kick in the head!