Washington Mutual Has Failed

Discussion in 'Economy' started by DavidS, Sep 25, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    WaMu is largest U.S. bank failure;JPMorgan buys assets: Financial News - Yahoo! Finance

    Reuters
    WaMu is largest U.S. bank failure;JPMorgan buys assets
    Thursday September 25, 10:06 pm ET

    By Elinor Comlay and Jonathan Stempel
    NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc (NYSE:WM - News) was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co (NYSE:JPM - News) for $1.9 billion.

    The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.

    Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. Customers should expect business as usual on Friday, the FDIC said.
     
    Last edited by a moderator: Nov 7, 2008
  2. busara
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    busara wanasiasa wapumbava

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    failing? hardly. theyre just realigning their assets. their fundamentals are strong.



    i joke because this is depressing.
     
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    WaMu gives loans to illegal aliens don't they? Why yes they do:
    http://articles.latimes.com/2007/oct/08/local/me-housing8
    So we're supposed to bail out banks that give loans to people who are here illegally and make only $9 an hour huh?
    I don't think so.
     
  4. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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    You know... The only reason we are seeing the 'largest bank failures' in history is the merger madness of the '80's when we traded in lots and lots of local banks for a couple of national brands. The same manipulation of government that brought you 3 oil companies and our current energy 'policy'...

    What's going to happen if JP Morgan fails? Shouldn't we be figuring ways to spread the risk around instead of trying to bundle it even tighter?

    How is less competition in the financial market* going to affect our economy?

    * Side note... 'financial market' is a funny term... it makes it sound like they make and sell stuff. Should we really be buying and selling capital resources to the highest bidder? Same thing with 'insurance'... imagine trying to explain that concept to Moses and the Pharaoh. (The real ones, not Charleton Heston and Yuel Brenner)

    -Joe
     
    Last edited: Sep 25, 2008
  5. CA95380
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    CA95380 USMB Member

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    I wonder how much money Bush had in Wamu? Zilch! Nada! Nuttin!
     
  6. editec
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    editec Mr. Forgot-it-All

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    And did JP MORGAN get to buy the going concern assets while the AMERICAN PEOPLE are stuck with the WAMU's bad paper?

    The TERMS OF THE DEAL are not exactly very clear, I think, or are they there, and I'm just not seeing them?
     
  7. Ravi
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    Ravi Diamond Member

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    Does this mean I don't have to pay my mortgage?
     
  8. Care4all
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    Care4all Warrior Princess Supporting Member

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    all of our banks going in to the hands of maybe 3 or 4 big financial institution is only going to come back and bite us....they will control every living move of every citizen on this earth...starting with americans.... the lack of competition will make money much much much more expensive for all of us due to the lack of competitivness....

    This is the worst decision our federal gvt has ever made.....

    And will someone please tell me how fannie freddie with ONLY A TOTAL OF $380 BILLION in subprime loans of which 3/4's or more are not in default or foreclosure, they are responsible for this whole mess?

    What is the $700 billion for and why are banks and small businesses and farmers all lining up with their hands out as far as the eye can see....? all but the actual homeowners that need conventional mortgages?

    I still do not understand how the whole world will go in to a depression if the banks do not get $700 billion from us? bells are going off like mad in my head that this smells wrong...what are we not being told?
     
  9. KittenKoder
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    KittenKoder Senior Member

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    I saw WaMu going downhill a looooong time ago. But oh well. As long as BofA stays strong I'll be happy.
     
  10. AVG-JOE
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    AVG-JOE American Mutt Staff Member Gold Supporting Member

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