Major League Eating Reportedly Bidding for WaMu

Sources close to the financial officers of Major League Eating report that the organization is preparing a bid to acquire Washington Mutual (WaMu).

MLE faces competition from Wells Fargo & Co. and Citigroup, Inc., both of which have been rumored to be exploring an acquisition of the struggling bank.

“The balance sheets of Wells Fargo and Citigroup are larger than MLE’s balance sheet, but we have zero exposure to subprime mortgages,” said MLE chairman George Shea. “We cannot confirm our interest in this banking giant, but it would add significant diversity to our operation."

MLE is said to be frustrated that they did not move quickly enough to purchase Lehman Brothers for $2 billion, considered a bargain by many in the industry. If MLE closes the WaMu deal it would be the first time a major finance company was purchased by a competitive eating franchise.

Those close to the organization said that the board of MLE was initially attracted to the bank's funny name, and that their interest increased when they realized how much money the bank made.