WaMu becomes biggest bank to fail in US history

The Federal Deposit Insurance Corp. seized WaMu on Thursday, Sept. 26, 2008 and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

JPMorgan Chase is now the second-largest bank in the United States after Bank of America Corp., which recently bought Merrill Lynch in a flurry of events that included Lehman Brothers Holdings Inc. going bankrupt and American International Group Inc., the world's largest insurer, getting taken over by the government.

The seizure by the government means shareholders' equity in WaMu was wiped out.

Its stock price plummeted 95 percent from a 52-week high of $36.47 to its close of $1.69 Thursday. On Wednesday, it suffered a ratings downgrade by Standard & Poor's that put it in danger of collapse.

Amazing. Wow, what if B.O.A. went under. (and that's my bank) I don't think a bailout would help them and investopr assets as well.

http://news.yahoo.com/s/ap/20080926/ap_on_bi_ge/washington_mutual_future

the bailout might not even be happening as planned...the republicans are blocking it (so much for them being the party of big business eh?)

some experts are predicting that they only have the weekend to sort it out because if there is still massive uncertainty by monday then the markets will completely collapse

And so it begins.The bailout isn't helping either. We are just postponing the inevitable.

This is why I only bank with Wells Fargo or California Union Bank.

WaMu is my mortgage company. Does this mean I need to seek the highest skyscraper immediately?

Originally posted by botankus
WaMu is my mortgage company. Does this mean I need to seek the highest skyscraper immediately?

Your loan will belong to b.o.a. now. Or it's affiliates/subsidiaries. So you should be ok, for now at least.

Originally posted by botankus
WaMu is my mortgage company. Does this mean I need to seek the highest skyscraper immediately?

stop paying it until you know who should be getting it

i just came back from lunch at there were a couple of college aged kids standing near the train-station, in downtown, and they stopped me to talk about the bailouts. They had homemade floor sings with illustrations and lit they were giving away while asking people to sign stuff on their clip boards. We were talking for a good while.

One of the guys told me how he bailouts will cause the new depression cause it'll all based of money that doesn't even exist. That some guy named LaRouche, whom i've never heard of had the best plan there is, i was told. And that plan was to basically bankrupt the whole economic system so that it can't start fresh and anew. That 700 billion is a drop in the bucket compared to what we really need (to spend) in order to fix the crisis. He asked me to join the LaRouche political action committee and gave me this $25 CD and a $5 for free after i signed up.

I asked the kid what he thinks the effect will be if we collapse. He said prices across the board will rise. Gas'll $10 a gallon, food everything with be almost double what it is. The money shot was that it'll happen this year.

man o man.

Seriously, I'm pissed that I'm gettign out of college soon and I'm ****ed because so other idiots screwed up.

That's why people will believe anything right now because they just want someone to give them a reason on how the hell this happened. A few people made some decisions at the top and then it affects me before I even get a real job.

Sigh

my bad for the typos. just had rush and to get back to work..

Originally posted by jaden101
stop paying it until you know who should be getting it

Everyone in the US should stop paying all bills. That will show them. 😂

I wanna hera Deano's opinion.

Originally posted by botankus
WaMu is my mortgage company. Does this mean I need to seek the highest skyscraper immediately?

Keep all your receipts with you. Stop using your WaMu card....don't panic. 😉

Originally posted by lord xyz
I wanna hera Deano's opinion.

This is/was planned by the super-elite, cause confusion and uncertainty, make people desperate so they're more acceptable to being ruled. ie feed a staving man and ensure his obedience. The Lizards are cunning.

if anyone is that concerned...go and take all your savings out of your bank and keep it in a bag in your house until the whole thing plays out

it's quite possible the credit market will totally collapse but anyone with any sense saw it coming a mile away...the entire growth in the economy over the last 10 years was based on people getting into more and more debt and spending money they dont have

now the banks credit line is drying up and so they're calling in debts and people cant pay

personally i only have 1 line of debt...my student loan...i have no credit card...no mortgage...and more importantly now...no savings (i liquidated my savings for the time being)

go on people...start a run on the banks and really **** those bastards 😂

Originally posted by jaden101
if anyone is that concerned...go and take all your savings out of your bank and keep it in a bag in your house until the whole thing plays out

it's quite possible the credit market will totally collapse but anyone with any sense saw it coming a mile away...the entire growth in the economy over the last 10 years was based on people getting into more and more debt and spending money they dont have

now the banks credit line is drying up and so they're calling in debts and people cant pay

personally i only have 1 line of debt...my student loan...i have no credit card...no mortgage...and more importantly now...no savings (i liquidated my savings for the time being)

go on people...start a run on the banks and really **** those bastards 😂

Do you think BoA will collapse? They loan mortgages, as well.

And credit is not a bad thing to have. Greed and irresponsibility is. As well all know (good) credit ensures that one would get the best terms and the lowest rates on loans for things like homes, cars, and businesses. It's mismanagement is the culprit.

Th whole financial system is a house of cards, looks like someone shook the table. 🙂

Originally posted by FistOfThe North
Do you think BoA will collapse? They loan mortgages, as well.

And credit is not a bad thing to have. Greed and irresponsibility is. As well all know (good) credit ensures that one would get the best terms and the lowest rates on loans for things like homes, cars, and businesses. It's mismanagement is the culprit.

any bank that isn't a central bank is in danger of collapsing...that mean the US federal reserve...the bank of England...the European central bank...they'll all be safe...everyone else?...time will tell

This is why I keep all my money hidden underneath my mattress.