Up Next: JP Morgan Looking at WaMu

``CNBC reported Friday morning that the investment bank has had what it characterized as “very preliminary” talks with Seattle-based Washington Mutual, who has been hit hard in recent months as the mortgage crisis has intensified.'' -- Maybe we should cheer at the notion of the major banks buying up all the companies with garbage loan portfolios. It's only fair, given how Wall Street enabled them. If this happens, we wonder if (a-la Countrywide) the deal would be at a discount to shares, perhaps as acknowledgement to the "value" of those portfolios.