Bank's in trouble

Discussion in 'Economy' started by CA95380, Sep 17, 2008.

  1. CA95380
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    CA95380 USMB Member

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    A simple heads up. Keep an eye on Washington Mutual Bank. Received an email this morning from someone in the "banking business".

    /snip from email
    ....... it could take two weeks or more to be able to get access to any of your money. And, that's assuming that with all of these banks falling that the FDIC won't run out of money!
    /end snip

    Could only be rumor's - but something to watch for sure.
     
    Last edited: Sep 17, 2008
  2. gonegolfin
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    gonegolfin Member

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    It's no secret that WaMu is going down. I am surprised they have lasted this long. I think they now have precious little time left. US Federal Regulators are desperate to find a bank that will consider buying them. Thus far nobody has signaled interest, even after TPG (yesterday) dropped a provision from the most recent investment in WaMu that provides downside protection to its investment. The value of TPGs equity stake has fallen considerably since that investment was made.

    I think that in the end we are probably looking at no independent broker dealers surviving. There are two left in Goldman Sachs and Morgan Stanley. I think that you will see these two merge with large banking interests.

    Brian
     
    Last edited: Sep 17, 2008
  3. Ravi
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    Ravi Diamond Member

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    Well, they got designated junk by S&P. They hold my mortgage, and one of my brother's worked for them for awhile before they started overreaching themselves. I predict my mortgage will belong to someone else before the year is out.
     
  4. CA95380
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    CA95380 USMB Member

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    True. The simple heads up was directed to several banks that are in trouble. I just happened to zero in on WaMu today, because they along with AIG have been in the news the last couple of days.

    It's sad to see what is happening. And the real sad part is that whoever gets elected is going to get it dumped right in their lap, and will go down in history being remembered because of it.
     
  5. Charles_Main
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    Charles_Main AR15 Owner

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    I have to admit I went out the other day and got it in writing from each of my 3 banks that all of my accounts are FDIC insured.
     

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