60-day notice for 4000 WaMu employees

J.P. Morgan Chase & Co. announced plans to lay off about 21% of Washington Mutual Inc.’s employees by the end of 2009. J.P. Morgan, which acquired WaMu in September for $1.9 billion after it was seized by the government, told employees yesterday that it will lay off 4,000 workers by the end of January, according …

IndyMac – from player to putz with low standards

Check out this statement from Paul Miller, a Friedman, Billings, Ramsey & Co analyst regarding IndyMac: “Given continued home price declines, management’s higher loss estimates, recent ratings agency downgrades on the company’s mortgage-backed securities and the company’s decision to stop new mortgage originations, we do not believe that there is any value left for common …