Author Topic: it's the end of wamu as we know it... (Read 2307 times)

Van Cruncheon · « **on:** September 25, 2008, 10:05:34 PM »

...and i feel fine! hello jp morgan!

http://www.mynorthwest.com/?nid=217&sid=91086

sucks if you had stock in them, or if yer one the 4k folks in the downtown seattle offices, but MAN they really sucked as a lender these past three years. i hope jp morgan proves a better bank, although i'm probably gonna hop on over to first tech credit union next month and dump a chunk of my money there.

Mr. Gundam · « **Reply #1 on:** September 25, 2008, 10:07:38 PM »

Oh man, I hope they don't lay off all the people in Seattle. My wife works for Safeco, and Liberty Mutual has yet to let her know if they're going to keep her or not after buying them. We think she'll stay, but you never know for sure until they tell you. She'd rather not compete with all the WaMu people for jobs.

MrAngryFace · « **Reply #2 on:** September 25, 2008, 10:08:15 PM »

im glad they werent ripped to shreds

Phoenix Dark · « **Reply #3 on:** September 25, 2008, 10:09:17 PM »

should i invest in gold

Mr. Gundam · « **Reply #4 on:** September 25, 2008, 10:09:28 PM »

Hey guys, there's a chance she might go work for your employer...

Rman · « **Reply #5 on:** September 25, 2008, 10:17:22 PM »

at least I don't have to worry about moving banks. I hope everything turns out good for their employees.

AdmiralViscen · « **Reply #6 on:** September 25, 2008, 10:29:41 PM »

I'm relieved, I have a decent chunk of money in a WaMu savings account. No FDIC tomfoolery for me.

Van Cruncheon · « **Reply #7 on:** September 25, 2008, 10:32:05 PM »

same here

still, biggest bank failure in HISTORY.

AdmiralViscen · « **Reply #8 on:** September 25, 2008, 10:35:34 PM »

I hope they don't fuck with my interest.

Anyway this is just an adjustment! Bush has this one in hand!

Human Snorenado · « **Reply #9 on:** September 25, 2008, 11:18:23 PM »

So, JP Morgan Chase bought out WaMu. They bought out Bear Stearns in March too. Have we learned nothing about institutions that are "too big to fail"?

I'm betting JP Morgan Chase will fail before the end of the year.

Brehvolution · « **Reply #10 on:** September 25, 2008, 11:20:09 PM »

Credit Union bitches!!!!!

GilloD · « **Reply #11 on:** September 26, 2008, 12:18:12 AM »

COMMERCE BANK

Snuflupagulus · « **Reply #12 on:** September 26, 2008, 01:56:39 AM »

Quote from: AdmiralViscen on September 25, 2008, 10:29:41 PM

I'm relieved, I have a decent chunk of money in a WaMu savings account. No FDIC tomfoolery for me.

FDIC has nothing to do with your assets at WaMu. As of tomorrow, WaMu is owned by JP. You will be subject, though, to whatever JP decides to do with the current deposit interest rate that WaMu accounts previously received. You'll be getting a letter, soon. Free toilet paper.

The only issue a depositor could potentially have is if they currently hold funds at both JP and WaMu. If combined you have greater than $100,000 in deposits (different for retirements accounts), you have six months of deposit insurance. After six months, any amount in excess of the $100,000 limit is no longer insured.

Anyway, too little watersports in the above shit. Needs more yellow swill:

WaMu

drozmight · « **Reply #13 on:** September 26, 2008, 02:55:15 AM »

I can't wait to be a tenured college professor.

Cormacaroni · « **Reply #14 on:** September 26, 2008, 04:04:53 AM »

Didn't they pioneer mortgages for trailer homes about 20 yrs ago? Sounds like they sealed their fate right there...

Fragamemnon · « **Reply #15 on:** September 26, 2008, 04:29:30 AM »

Calculated Risk has some of the slides from the deck JP Morgan was showing to investors this evening. The peak to trough negative appreciation of home values in CA and FL (and likely other markets, notably some in Nevada and Arizona) were approaching decreases of almost 50% and a nationwide decrease of almost 30% in a modest recession.

The whole thing pointed out to me just how important it is that the US taxpayer gets some form of equity warrant with bailed out companies so that if we wind up getting the short end of this mortgage shitpile the taxpayers don't completely socialize the losses. Some of that paper really IS worthless.

Kestastrophe · « **Reply #16 on:** September 26, 2008, 07:22:42 AM »

Quote from: Zero Hero on September 25, 2008, 11:20:09 PM

Credit Union bitches!!!!!

There was an article in the WSJ earlier this week that said many regional banks and credit unions were scrambling to be blanketed by the big bailout.

Tauntaun · « **Reply #17 on:** September 26, 2008, 09:55:20 AM »

WACHOVIA! WOOOOOOO!!

CajoleJuice · « **Reply #18 on:** September 26, 2008, 10:28:05 AM »

Bank of America

Kestastrophe · « **Reply #19 on:** September 26, 2008, 10:42:07 AM »

Quote from: CajoleJuice on September 26, 2008, 10:28:05 AM

Bank of America

They are looking quite rosy at the moment. I just read the proposal article in today's WSJ, and boy do the republicans look like shit. Some house republicans proposed a "free-market" deal that would entail other banks buying up the mortgage backed securities in order to shift blame for the bailout to dems (if the proposal passes). Also scathing criticism of Repub's opposition to the golden parachute clause that dems want in.

MrAngryFace · « **Reply #20 on:** September 26, 2008, 11:14:29 AM »

God damn publicans! Theyre using public distrust and/or ignorance of the bailout to do some dirty shit and go SEE WE HELPED U MERICANS

CajoleJuice · « **Reply #21 on:** September 26, 2008, 11:18:19 AM »

Quote from: MrAngryFace on September 26, 2008, 11:14:29 AM

God damn publicans! Theyre using public distrust and/or ignorance of the bailout to do some dirty shit and go SEE WE HELPED U MERICANS

Mericans is one letter away from mexicans. They'd never say that.

Van Cruncheon · « **Reply #22 on:** September 26, 2008, 11:19:50 AM »

looks like mccain botched his chances by not taking a stand for either proposal -- which proves even HE knows the bailout is necessary. obama up in polls from 2-10% oh i love being wrong sometimes

AdmiralViscen · « **Reply #23 on:** September 27, 2008, 10:57:58 AM »

Quote from: Snuflupagulus on September 26, 2008, 01:56:39 AM

Quote from: AdmiralViscen on September 25, 2008, 10:29:41 PM
I'm relieved, I have a decent chunk of money in a WaMu savings account. No FDIC tomfoolery for me.
FDIC has nothing to do with your assets at WaMu. As of tomorrow, WaMu is owned by JP.

That's what I said lol

Kestastrophe · « **Reply #24 on:** September 27, 2008, 08:14:30 PM »

According to today's WSJ, Wachovia is shopping itself around. Hopefully the feds stay out of it so the shareholders don't get completely screwed.

Speaking of which a major hedgefund's $1.35 billion stake in WaMu was completely wiped out, representing the biggest one time loss ever for private equity, lol. All kinds of firsts the past couple of weeks

TVC15 · « **Reply #25 on:** September 27, 2008, 08:20:36 PM »

I had to talk with my mom earlier this week, and she said her 401k was down just under 20% in the space of a week. Guess what? She's retiring in a few months!

Kestastrophe · « **Reply #26 on:** September 28, 2008, 07:56:16 AM »

If she was invested in stocks that close to retirement, it is certainly not recommended since they are riskier than bonds or fixed income securities. That sucks though. I feel bad as well because a few years ago I advised my dad to switch his 401k contribution to S&P 500 indexed funds. The first year it returned 13%, but since then it has not done well at all. If your mom were retiring in 5 years she would be in much better shape, bad timing

Beardo · « **Reply #27 on:** September 28, 2008, 10:28:03 AM »

The best thing to do right now is start saving and put at least a chunk of your investment in commodities and another chunk in the foreign market.

Human Snorenado · « **Reply #28 on:** September 28, 2008, 10:50:54 AM »

Quote from: Beardo on September 28, 2008, 10:28:03 AM

The best thing to do right now is start saving and put at least a chunk of your investment in commodities and another chunk in the foreign market.

BUY GOLD[/ron paul]

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Author Topic: it's the end of wamu as we know it... (Read 2307 times)