Friday, September 26, 2008

Fractal Failure of Washington Mutual

Washington Mutual failed at two levels yesterday after the closing bell . A brokered Wall Street bailout deal splintered after the Maverick rode into town to save the day. On the real Wall Street the largest bank bankruptcy occurred. Within hours Washington Mutual had been packaged and sold, most of it to JP Morgan/Chase.

Mutual and cooperative behavior is in short supply at the moment. It's a shame the Fed can't flood the market with leadership, so lacking in a country with such a rich history of iconic leaders.