Why Huaren always highlights "WAMU"?  Is it a sponsor?

JPM got a much better deal. Cash offer can stop the WM equity owner from any future stock price appreciation.  As some other poster pointer out, cash buying usually indicate an business is buying an undervalued asset.  Plus, WM was near bankruptcy when JPM took over...meaning as soon as FDIC took over, it wiped out the equity owner and bondholder, JPM didn't have to assume any WM's debt.  Jamie looked like genius.  Such practice will, I think, be followed by other banking merger/purchase in the future....wait until the bank die first. 

why doesn't citi wait until last minute then? They should not have to wait much longer?

Because Wachovia's CEO (Robert Steal) is a Goldman Sachs alumnia.  Hank Paulson will take care of his troops.

both are excellent deal for each firm. Citi needed it more. Citi was shaky before the deal. Now, by issuing shares to FDIC, it bundled itself with the government. Even better, FDIC capped Citi's future losses should the Wachovia assets end up costing them more.