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Private equity firm TPG is on the verge of making a $5 billion capital investment to recapitalize Washington Mutual Inc., according to a Wall Street Journal report. The investment would substantially dilute current WaMu shareholders who have already watched the stock steadily drop over the last 12 months.
Losses from the subprime fallout have battered the largest U.S.
savings and loan's balance sheet as well as its stock price, which is
down 74% in the last year. The Journal reports that the bank has over
$3 billion in home mortgage write-downs and loan losses. Over the last
12 months, at least 14 banks and securities firms raised cash from
outside investors after more than $230 billion of markdowns and losses
caused by the collapse of the U.S. subprime mortgage market, according
to data compiled by Bloomberg. - George White
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