Wall Street is still in chaos. Yesterday, regulators seized America’s biggest savings and loan bank WaMu (NYSE:WM) and sold it to JPMorgan Chase (NYSE:JPM). It was the most spectacular bank failure in US history.

The crisis, and the bungled attempts of the government to ‘fix’ it, is setting up some great contrarian investment plays.

“All it takes to make money on Wall Street these days is a ‘for sale’ sign,” says Andrew Snyder. “Companies in every industry are hurting from the financial crisis. Their only way out is to hope a buyer comes along. The action is creating a lot of great profit potential for investors.”