WaMu Just Went Under....

Rabbi Dali Rick · Post by **Rabbi Dali Rick** » Thu Sep 25, 2008 7:47 pm

The Washington Mutual Bank just failed....

it was seized by the feds and they are hoping someone will step in to save them....

Wahoooooooo

the rebbi

(hope your money wasent there)

DVD Burner · Post by **DVD Burner** » Thu Sep 25, 2008 7:57 pm

Oh no man.

are you serious?

I have no tv so I am a little out of touch at the moment.

I'm off to google now.

Toolmaker · Post by **Toolmaker** » Thu Sep 25, 2008 8:34 pm

Post by **Elderberry** » Thu Sep 25, 2008 8:47 pm

JP Morgan Chase bought them.

Too bad, it was my bank and they were great. I'm just wondering what will happen to the stock it's already down under a buck and I thought I was getting a bargain when I bought it at $9.00 when it was down from $47.

Oh well, I guess that advice about buying a company you have experience with and that you personally like isn't the best. I did the same thing several years ago with one of the first Internet grocery delivery services.

JK

Oh and from what I have read, no depositors money will be in jeopardy even if it is over the FDIC guarantee amount.

DVD Burner · Post by **DVD Burner** » Thu Sep 25, 2008 9:36 pm

Toolmaker wrote:

Ok, now that was too funny.

And the Rebbi was right.

That is really some shit.

DVD Burner · Post by **DVD Burner** » Thu Sep 25, 2008 9:38 pm

jkisha wrote:JP Morgan Chase bought them.

Too bad, it was my bank and they were great. I'm just wondering what will happen to the stock it's already down under a buck and I thought I was getting a bargain when I bought it at $9.00 when it was down from $47.

Oh well, I guess that advice about buying a company you have experience with and that you personally like isn't the best. I did the same thing several years ago with one of the first Internet grocery delivery services.

JK

Oh and from what I have read, no depositors money will be in jeopardy even if it is over the FDIC guarantee amount.

My boss has her account with them and I dont see her worried.

can't sit still · Post by **can't sit still** » Thu Sep 25, 2008 10:14 pm

This is all one big question of liability. People will get their money.
Remember; every time bush wanted some new power to combat terrorists, there was some kind of terror alert in New York. The MSM finally pointed out that it was too convenient. It had to be a sham.
Now, we have bush warning that the financial industry is going to collapse. So,,, on cue,,, the feds seize WaMu Big fucking surprise. The banking industry is on the hook for unlimited funding to recapitalize the FDIC. bushco has only one playbook. Scare em and get what you want.
The fucking banks don't want to be held to the law to recapitalise the FDIC.They want us suckers to do it for them. It's just a funding liability that they're trying to dodge.

can't sit still · Post by **can't sit still** » Thu Sep 25, 2008 10:28 pm

If this sounds like deja vu, it's no surprise. They got rid of the Glass-Steagol act so that investment banks could also do things that regular banks did. It blew to hell.
Years ago, they got rid of the restrictions on S&Ls so that they could do what regular banks do. It blew to hell.Then they formed the resolution trust company to liquidate the debris from the blowout. The insiders cleaned up on the distressed assets that the RTC dumped.
Same fucking bankers, same fucking playbook, same screwjob. Tell congress; screw the banks.

DVD Burner · Post by **DVD Burner** » Thu Sep 25, 2008 10:39 pm

Sorry, I had to re post this because when I posted last I had to take care of a server problem and posted too fast.
Here is the real reason why I found Tools last post funny and did not realize that part of the sig just happened to be what I found funny.
This is what I originally saw:

Toolmaker wrote:

sktelement wrote:I unjustly got denied for an artcar in which I have invested thousands of dollars into. I am asking someone if they would send me their confirmation e-mail so I can bring it anyway.

Ugly Dougly · Post by **Ugly Dougly** » Fri Sep 26, 2008 11:11 am

Chase is getting a real good deal something like 7%.
But then in a couple of months they'll get a ton of junk mail, and somewhere in the blizzard of junk, there is a letter notifying them of a change in terms, with their rate going up to 26%.
Suckers.

ZaphodBurner · Post by **ZaphodBurner** » Mon Sep 29, 2008 10:44 am

A friend is a loan officer there and said they were doing pretty well, but the last straw was media-influenced panic. On one day last week people tried to withdraw a million dollars total from one branch, for no reason other than that they heard that the bank was about to collapse. Their deposits were insured so there was generally no risk, but the bank wasn't able to support such widespread panic.

She said Chase/JP have been trying to acquire them for awhile.

-c

Post by **Elderberry** » Mon Sep 29, 2008 11:13 am

ZaphodBurner wrote:A friend is a loan officer there and said they were doing pretty well, but the last straw was media-influenced panic. On one day last week people tried to withdraw a million dollars total from one branch, for no reason other than that they heard that the bank was about to collapse. Their deposits were insured so there was generally no risk, but the bank wasn't able to support such widespread panic.

She said Chase/JP have been trying to acquire them for awhile.

-c

That makes sense to me. They were one of the institutions that did have a pretty good cash position. Guess just not good enough to weather a run on the bank though. Too bad. I really liked them and how they did business. Hope that doesn't change too much. I just switched to them from Wells Fargo about two years ago and the difference in how they treated customers was like night and day.

JK

Ugly Dougly · Post by **Ugly Dougly** » Mon Sep 29, 2008 2:06 pm

[youtube][/youtube]

Rev_Sysyphus · Post by **Rev_Sysyphus** » Thu Oct 02, 2008 3:44 pm

I work for WaMu, well now I work for JPC, and what happened was the FDICk took over WMB and that is the part that owns the branches, etc. and sold it all to JPC at a steep discount, much the same way JPC got Bear Sterns.
WMI, the parent co., was not taken over but with nothing to its name other than worthless stock they are now bankrupt.
All of this is public info readily available on the Internet.

Do I know any "insider" info? Sure. But if I told you guys it would no longer be insider info now would it!

In the end if you are a customer with WaMu it is all the same. Same checks, same debit or credit cards, same everything.

The more things change the more they stay the same!
That is until things change.

Rev_Sysyphus · Post by **Rev_Sysyphus** » Thu Oct 02, 2008 3:48 pm

jkisha wrote: Too bad, it was my bank and they were great. I'm just wondering what will happen to the stock it's already down under a buck and I thought I was getting a bargain when I bought it at $9.00 when it was down from $47.

Sorry but I am sure you now know your stock is worth about 16 cents/share soon to be zero/share.
I sure hope you sold before it dropped too far!

Post by **Elderberry** » Thu Oct 02, 2008 3:49 pm

Rev_Sysyphus wrote:I work for WaMu, well now I work for JPC, and what happened was the FDICk took over WMB and that is the part that owns the branches, etc. and sold it all to JPC at a steep discount, much the same way JPC got Bear Sterns.
WMI, the parent co., was not taken over but with nothing to its name other than worthless stock they are now bankrupt.
All of this is public info readily available on the Internet.

Do I know any "insider" info? Sure. But if I told you guys it would no longer be insider info now would it!

In the end if you are a customer with WaMu it is all the same. Same checks, same debit or credit cards, same everything.

The more things change the more they stay the same!
That is until things change.

So what was the reason the FDIC took over? Was is because of the run in the previous post or was there some other reason?

JK

Rev_Sysyphus · Post by **Rev_Sysyphus** » Thu Oct 02, 2008 3:55 pm

jkisha wrote:
Rev_Sysyphus wrote:I work for WaMu, well now I work for JPC, and what happened was the FDICk took over WMB and that is the part that owns the branches, etc. and sold it all to JPC at a steep discount, much the same way JPC got Bear Sterns.
WMI, the parent co., was not taken over but with nothing to its name other than worthless stock they are now bankrupt.
All of this is public info readily available on the Internet.

Do I know any "insider" info? Sure. But if I told you guys it would no longer be insider info now would it!

In the end if you are a customer with WaMu it is all the same. Same checks, same debit or credit cards, same everything.

The more things change the more they stay the same!
That is until things change.
So what was the reason the FDIC took over? Was is because of the run in the previous post or was there some other reason?

JK

That I honestly am unsure about. I have heard there was a run, but there are no hard and fast details. I suppose in time there will be a very long and VERY dull synopsis of exactly what went wrong and why.

Till then all we have is speculation.

But in the end the hows and whys are best left to the people who understand all this shite better than me!

Post by **Elderberry** » Thu Oct 02, 2008 3:59 pm

Rev_Sysyphus wrote:
Sorry but I am sure you now know your stock is worth about 16 cents/share soon to be zero/share.
I sure hope you sold before it dropped too far!

Sadly, I am well aware. And no, I went down with the ship. I felt they were in a strong position and certainly didn't expect them to tank. I felt they were the best bank in town and because of that stuck with them.

This happened to me once before for the same reasons. I have a new investment rule--never buy any company that I like doing business with.

JK