{"id":7972,"date":"2008-06-25T00:00:00","date_gmt":"2008-06-25T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"shareholders-approve-72-billion-wamu-bailout","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2008\/shareholders-approve-72-billion-wamu-bailout.html","title":{"rendered":"Shareholders Approve $7.2 Billion WaMu Bailout"},"content":{"rendered":"<p>New York (HedgeCo.Net) &#8211; A $7.2 billion bailout package was approved Tuesday by 94% of Washington Mutual Shareholders in a move that gives private equity firm TPG control of over 50% of the company, says the Seattle Times.<\/p>\n<p>Not that there was much of an alternative.  The other option would come in the form of a $792 million dividend that WaMu would have to pay the company, with increasing payments ahead.  Though that didn&rsquo;t stop protesters led by the Service Employees International Union to emphasize that this was a &ldquo;toxic deal.&rdquo;<\/p>\n<p>The Union also stated that the private equity firm would seek high profits in the short term and &ldquo;squeeze these returns from troubled banks through higher fees for bank customers, unfair lending practices and exorbitant interest rates on credit cards and other consumer products.&rdquo; <\/p>\n<p>In April, TPG bought  176 million shares of WaMu at $8.75 each, a 33% discount at the time.      <\/p>\n<p>Julie Scuderi<br \/>Senior Editor for HedgeCo.Net<br \/>Email: julie@hedgeco.net<\/p>\n<p>HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<br \/>Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; A $7.2 billion bailout package was approved Tuesday by 94% of Washington Mutual Shareholders in a move that gives private equity firm TPG control of over 50% of the company, says the Seattle Times. Not that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[287,1084,67,1082,242,65,592,1085,1083,962,172],"class_list":["post-7972","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-asyst-technologies-inc","tag-bankruptcy-filing","tag-chief-executive","tag-david-letterman","tag-img-src","tag-june-14","tag-merger-talks","tag-progress-report","tag-security-authorities","tag-tse","tag-ty"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7972"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7972\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}