Market Watch is reporting Washington Mutual is for sale via an auction being conducted by Goldman Sachs. The shopping began a few days ago according to sources at Goldman.
This is the only thing they could do, or else they will go bankrupt, leaving the nation’s largest S&L in the hands of the …. government!
More as this develops, of course.
From Market Watch:

AIG continues to get hammered as they face continued credit rating downgrades. The stock is off another 15% today.  The recent downgrades mean that the battered company may need an additional $14.5 billion in collateral to meet its obligations.

AIG, hammered by poor mortgage bets, will announce a massive restructuring on Monday.  The restructure could include the sale of its $50 billion aircraft-leasing division to help provide liquidity to the company.  The insurer remains exposed to subprime-backed derivative exposure and has faced massive losses in mortgage-related debt writedowns.  The company is also facing pressure from a tanking stock rating and a threat to its ratings by the major Wall Street rating agencies.

If we tried to blog everytime the wind shifted in this weekend’s scramble to save Lehman our fingers would fall off.  Instead here is an up-to-the-minute link blog of the articles covering all of the potential mutations of such a deal.  We’ll of course blog it when a deal is announced - most likely sometime today.
Latest Lehman Brothers News:

Before surrendering your car in a bankruptcy, ask yourself these four questions, advises the Bankruptcy Adviser.