FAIL: TPG loses 1.35 billion in WaMu investment

by Jason Sanders | September 26, 2008 at 08:30 am

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Think you've lost some money? Not even close. Private equity firm, TPG, lost $1.35 BILLION because they invested in Washington Mutual six months ago. If you've missed the news recently, WaMu just crashed, burned, and was seized by regulators. Their assets were then sold off to J.P. Morgan.

TPG, considered one of the savviest buyout firms. TPG, led by investor David Bonderman, said it will lose $1.35 billion, wiping out its investment.

Of course, a disasterous event isn't the same without a company official saying, Don't Panic.

"Obviously, we are dissatisfied with the loss to our partners from our investment in Washington Mutual," said a TPG spokesman. "The unprecedented turmoil in global financial markets and resulting macro crisis of confidence has radically changed the dynamics for all financial institutions, and led to widespread losses among investors throughout the sector." TPG said its losses are about $1.35 billion, wiping out its investment.

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