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09-26-2008, 04:47 AM
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Dark Lord, on the Dark Throne
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Washington Mutual just bit the dust
Long overdue. Greedy bastards.
Quote:
September 26, 2008
Government Seizes WaMu and Sells Some Assets
By ERIC DASH and ANDREW ROSS SORKIN
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation’s largest savings and loan to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.
The move came as lawmakers reached a stalemate over the passage of a $700 billion bailout fund designed to help ailing banks, and removed one of America’s most troubled banks from the financial landscape.
Customers of Seattle-based WaMu, with $307 billion in assets, are unlikely to be affected, although shareholders and some bondholders will be wiped out. WaMu account holders are guaranteed by the Federal Deposit Insurance Corporation up to $100,000.
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__________________
In the land of Mordor, where the shadows lie...
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09-26-2008, 04:48 AM
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California Sober
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Join Date: Jul 2004
Location: Silicon Valley
Gender: Bender
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Re: Washington Mutual just bit the dust
Quote:
Originally Posted by Sauron
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Customers of Seattle-based WaMu, with $307 billion in assets, are unlikely to be affected,
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Yay!
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although shareholders and some bondholders will be wiped out.
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Yay! (unless I'm one of them.  )
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09-26-2008, 04:51 AM
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A fellow sophisticate
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Join Date: Jul 2004
Location: Cowtown, Kansas
Gender: Male
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Re: Washington Mutual just bit the dust
Does that mean I don't owe them anything now?
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09-26-2008, 04:59 AM
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rude, crude, lewd, and unsophisticated
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Join Date: Jul 2004
Location: Puddle City, Cascadia
Gender: Male
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Re: Washington Mutual just bit the dust
Quote:
Originally Posted by Dingfod
Does that mean I don't owe them anything now?
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No, it means they'll call the entire loan in tomorrow.
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09-26-2008, 05:04 AM
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A fellow sophisticate
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Join Date: Jul 2004
Location: Cowtown, Kansas
Gender: Male
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Re: Washington Mutual just bit the dust
Too bad for them.
:bloodturnip:
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09-26-2008, 05:10 AM
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Re: Washington Mutual just bit the dust
Yeah, just back from friends where we watched things transpiring.
Wow.
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09-26-2008, 05:17 AM
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the internet says I'm right
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Join Date: Sep 2008
Location: Western U.S.
Gender: Male
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Re: Washington Mutual just bit the dust
I think my grandmother banks at WaMu, I wonder what she thinks. I should probably call her anyways, just to say hi.
__________________
For Science!Quidquid latine dictum sit, altum videtur.
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09-26-2008, 05:24 AM
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rude, crude, lewd, and unsophisticated
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Join Date: Jul 2004
Location: Puddle City, Cascadia
Gender: Male
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Re: Washington Mutual just bit the dust
I just pulled my inheritance (pittance that it is...was) out of WaMu about four, maybe five, months ago.
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09-26-2008, 05:27 AM
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Dogehlaugher -Scrutari
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Join Date: Jan 2007
Location: Northwest
Gender: Female
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Re: Washington Mutual just bit the dust
I've been trying to get my mom to stop banking at them for months. Fortunately she never has any money.
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09-26-2008, 05:59 AM
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Love Bomb
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Join Date: Jul 2004
Location: NZ (Aotearoa)
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Re: Washington Mutual just bit the dust
__________________
“Passion makes the world go round. Love just makes it a safer place.”
~ Ice T ~
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09-26-2008, 02:10 PM
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Servant of the Dark Lord
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Join Date: Jan 2005
Gender: Bender
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Re: Washington Mutual just bit the dust
What will happen to the people who bank with Washington Mutual? Will their accounts transfer to JP Morgan? I can't imagine this being a painless transaction.
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09-26-2008, 02:18 PM
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ŧiggermonkey
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Join Date: Jul 2006
Location: Springfield, MA
Gender: Bender
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Re: Washington Mutual just bit the dust
I have two credit cards through WaMu. The only affect this should have on me is a company name change, right?
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09-26-2008, 02:35 PM
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Tellifying
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Join Date: Oct 2004
Location: Northern Virginia
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Re: Washington Mutual just bit the dust
From everything I've heard, if you have an account with WaMu, you should be alright. The FDIC will insure accounts up to $100k.
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09-26-2008, 02:55 PM
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ŧiggermonkey
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Join Date: Jul 2006
Location: Springfield, MA
Gender: Bender
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Re: Washington Mutual just bit the dust
Yeah,  , I read that too. I don't have a bank account with them, however; I have two credit card accounts with them. I expect I still owe them, or someone the money anyway. 
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09-26-2008, 06:45 PM
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Re: Washington Mutual just bit the dust
Quote:
Originally Posted by wei yau
From everything I've heard, if you have an account with WaMu, you should be alright. The FDIC will insure accounts up to $100k.
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With the exception of the first $700+ billion.
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09-26-2008, 07:29 PM
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I said it, so I feel it, dick
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Join Date: Jul 2004
Location: Here
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Re: Washington Mutual just bit the dust
So, from what I read elsewhere JP Morgan saw this as a great opportunity. Are there other financial institutions and/or businesses still in good shape, that could/might buy up the failing institutions and thus prevent a need for a bailout with taxpayers money?
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09-26-2008, 07:37 PM
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Tellifying
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Join Date: Oct 2004
Location: Northern Virginia
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Re: Washington Mutual just bit the dust
I believe that Bank of America has only been touted as being fairly strong in all of this economic turbulence. Apparently both JP Morgan Chase and BoA stayed relatively clear of this crazy mortgage business.
Of course, that's just a snippet of a news report I heard earlier today. Not sure if the facts back this up.
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09-26-2008, 07:38 PM
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Adequately Crumbulent
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Join Date: Jan 2005
Location: Cascadia
Gender: Male
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Re: Washington Mutual just bit the dust
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09-26-2008, 07:55 PM
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Dark Lord, on the Dark Throne
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Re: Washington Mutual just bit the dust
Sonofabitch.
Quote:
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NEW YORK (CNNMoney.com) -- Washington Mutual chief executive officer Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
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This is why people throw bricks through bank windows.
__________________
In the land of Mordor, where the shadows lie...
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09-26-2008, 08:00 PM
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ŧiggermonkey
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Join Date: Jul 2006
Location: Springfield, MA
Gender: Bender
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Re: Washington Mutual just bit the dust
__________________
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09-26-2008, 08:04 PM
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puzzler
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Join Date: Aug 2004
Location: UK
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Re: Washington Mutual just bit the dust
Pah! How can you expect to get competent people if you only offer them a lousy $6 million / week?
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09-26-2008, 08:06 PM
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Fishy mokey
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Join Date: Jul 2006
Location: Furrin parts
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Re: Washington Mutual just bit the dust
And here I always thought the guys with the guns were the bankrobbers 
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09-26-2008, 08:36 PM
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Struggling to stay sober....
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Join Date: Mar 2006
Gender: Male
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Re: Washington Mutual just bit the dust
Hopefully my credit card account (debt) will be wiped out as the result of all this....
:wishful thinking:
__________________
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09-26-2008, 08:53 PM
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Dogehlaugher -Scrutari
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Join Date: Jan 2007
Location: Northwest
Gender: Female
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Re: Washington Mutual just bit the dust
Quote:
Originally Posted by Sauron
Sonofabitch.
Quote:
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NEW YORK (CNNMoney.com) -- Washington Mutual chief executive officer Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
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This is why people throw bricks through bank windows.
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and that is why banks have bullet proof (now with extra brick proof-ness) windows.
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09-26-2008, 09:04 PM
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Vaginally-privileged sociopathic cultist
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Join Date: Oct 2004
Location: La Mer
Gender: Female
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Re: Washington Mutual just bit the dust
Quote:
Originally Posted by Smilin
Hopefully my credit card account (debt) will be wiped out as the result of all this....
:wishful thinking:
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And my parents' mortgage.
__________________
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