JP MORGAN CHASE buys WAMU
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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.....
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 Kerry was down and yes he was to blame, like many others, for the 90% drop in the company. I cant answer for him but I think he took the course everyone else was taking. Greed. Every bank was on the whole loaning to sub prime and all that jazz, the bubble popped, and they all went OH CRAP. So yeah, he is to blame but my comments are from the point of view that he indeed wanted to keep the company independent and not sell. He knew he f'd up and so did the others. I think he was more willing to correct it or at least try too.
* Far as fire sell and being on planes. My guess is that this was a done deal last week. They were simply waiting for the "bail out" plan to see how it would aid the overall cost. However, panic came in things dropped and they had to sale. It was forced by the GOV and was really shady, you are right!
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Imagine if JP Morgan hadn't bought Wamu or any of the other potential buyers backed down?
The FDIC would be liquidated to bail out Wamu.
Just goes to show how little it will take to topple the dinosaur that is the FDIC.
The FDIC would be liquidated to bail out Wamu.
Just goes to show how little it will take to topple the dinosaur that is the FDIC.
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oh man...... I just closed my Wells Fargo account and my WaMu account and went to HSBC 
I also have another account at Wachovia
I also have another account at Wachovia
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