Capital Gold Group Report: NEWS ALERT from The Wall Street Journal on WAMU and Morgan Stanley

Sept. 17, 2008

Washington Mutual received a critical financial concession from its largest investor, TPG, setting the stage for the beleaguered thrift to raise more capital, divest branches or sell the entire thrift, according to people familiar with the situation. Seattle-based WaMu, weighed down by a deteriorating balance sheet tied to its vast mortgage portfolio, has received interest from Wells Fargo and Citigroup.

Morgan Stanley has held preliminary merger talks with Wachovia and at least one other bank, a person familiar with the matter said. The investment bank, pursuing alternatives to shore up its falling stock price, has also reached out to regulators and large pension funds in an effort to stop short sellers from betting on the stock's decline.

After Morgan Stanley's precipitous decline in the last few days, its market value is only slightly above Wachovia's, so the likeliest combination would be a merger of equals.  

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