Yea I bank with WAMU and work at BoFA, but it looks like Wamu tanked and BofA is buying ****... =0

 

man, i was just talking to my wife about wamu... yeah, 100k insured by FDIC is nice... but I thought I read somewhere FDIC is 200m short from it's minimum and if too many banks go under at once, FDIC would need bail out too! I am sure folks will get their money 'eventually'. but just not worth the risk I say... TAKE YOUR MONEY AND RUN! (thank God i don't have wamu)

 

now if you still are holding bonds or stock in wamu you have a giant wad of toilet paper in your hands....

 

Oh, psshh..I don't even have a grand to my name let alone $100k. I'm not going to panic.

 

the one time I'm glad I don't have WAMU

 

Nothing is going to happen to anyone's money. Now if the bank didn't sell, people might have problems.

 

this sucks for my other brother.. he works for the advertising company that does wamu. Since Wamu has been sold .. now he is in risk of getting laid off. because his company lost the account.

 

WAMU had this coming for a while. I don't think the RTC or anyone should step in to remove Washington Mutual's bad debt. They have been operating unfairly for years. From a compliance stand point most of their tactics have been unethical. Why should the government or anyone else bail them out when they have clearly mismanaged their portfolios and deceived the public. As their deposits walk out the door the FDIC shouldn't have concerns on what they will have to cover, there will be a lot less...

 

Guess again, you'll see probably half of both companies retail outlets will close

"JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits.

In exchange for scooping up WaMu, JPMorgan Chase (JPM, Fortune 500) will pay approximately $1.9 billion to the Federal Deposit Insurance Corporation. "


Man, I wish I'd been given the option of buying back my mortgage for 1% of its face value, instead JP Morgan/Chase is going to rake in not only the interest but all of the principle that they didn't even pitch in on. Oh yeah- those guys are working really hard to earn their millions....

Meanwhile WM's last CEO got away with what a 50 million dollar parting gift?

That SOB should rot in jail.....

 

LOL ok

1. I work for wamu so I know a bit more than the crap out on the street.

2. The OLD CEO, Kerry K. was actually fighting to keep WaMu independent, being this is pretty much his baby, and he was in the way for making the sell.

Why do you think he said no to JPMorgan 8 months back? So, what happens?

Well I'll tell you, Kerry was not only a CEO but a Board Member. They booted him off the board, which is huge and was a flag in my eyes that things were coming to a halt. Once booted off he has very limited power to fight keeping this place independent. Then they ousted him as a CEO. So the first major road block was out the way because Kerry was down for WaMu and wasn't trying to punk out.

THEN, they get TPG to remove wave a mess of legal stuff. TPG invested 7 billion in to us to help boost the companies outlook. Though in reality we did have enough $$$ to survive ****ty times up to 2010. Once that happened.. oh noooo.

Now you get panic in the market and people shorting stocks left and right and stock drops like a rock. Then the new CEO comes in, Alan F. Alan is a well known cat but we know he was here for one thing, to sell this place. Now when the ish hit the fan last week, where was "Alan"??? No where to be found or heard from. He was out looking for a buyer while our stock was dropping. He could have issued some statement or something to people to sort of ease peoples fear. However nope, we know he was here to buy and run.

You can actually look at this guys "parachute" and it will seriously make you sick.

The whole way this went down was straight out of "Shady Times". Seriously, I am sure there will be some lawsuits and what not. It was simply done in such a nature that baffles me. This was more of a force than anything.

This **** storm is more than "BAD" loans. There are lot of things that went south and now we all are living history here.

For those who have money in WaMu (bank), don't worry you aren't losing it or anything like that.

If you had stock, well OUCH, because I know how I'm feeling about that!

Anyhow, If anyone has concerns or anything hit me up, I'm straight up in the fire pit.

 

Like I said, I only wish I'd been given the option of buying off my mortgage for pennies on the dollar, then I'd actually be excited about all this, but right now it just makes me sick.

 

^ Yup its a sad time.. truuuuuuue that!

 

First of all thanks for sharing your perspective, its true that folks on the outside can't really get a clue what's really going on, but my question is if Kerry was such a great CEO/Board member, what happened under his watch for the company to lose that first 90% of its market cap over the last couple of years? where was he and what was he doing while all that went down?

I mean I thought WM should have been a real bargain at the $2-3 level we saw the last month or two, yet for this fire sale to go down the FDIC pounded it down to what like 16 cents last night?

And from what I'm reading this morning, it sounds like the executive team was in a plane between New York and Seattle when all this went down, how does that work?

That simply does not add up, if EVERYTHING they had was in bad real estate paper, that might account for a 30-50% loss of value, but nothing I've seen can justify this 99% write off, it just does not make any sense.....

 

Well, I saw this coming about a mile away.

$100k FDIC insurance (if the FDIC survives this).

 

Good point- I guess I should be grateful its taking place while the FDIC is still solvent, because 4-6 more months of this crap and there will go peoples checking and savings accounts....