Washington Mutual (WM)

The rumors are getting stranger and lamer. Today the chatter that's being heard includes Washington Mutual (WM) putting itself up for sale. With $319 bln in assets but sitting on top of a powder keg of alt-a and jumbo mortgages I would have to wonder who would buy them. Perhaps it would a "friends and family" (a term coined by Bill Cara) engineered rescue? Implied volatility has not moved much despite the rumors.