F. U. WaMu
Filed under: Legal Matters > Politik
The largest failure of any U.S. bank is now Washington Mutual, Inc. which was closed by the U.S. government on Thursday.
WaMu's banking assets were then sold to JPMorgan Chase & Co.
The price?
$1.9 Billion!
WaMu, which is the largest US savings and loans company, was one of the hardest hit by the recent financial crisis.
The sale of WaMu yesterday marked the largest in US history.
The Office of Thrift Supervision said, "With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business."
Though it was added that customers "should expect business as usual on Friday, and all depositors are fully protected."
According to regulators, WaMu has about $307 billion of assets with $188 billion of deposits.
As for JPMorgan, it will now become the second largest bank in the country with $2.04 trillion of assets. It only follows Citigroup.
Bank of America will soon reach the top spot as soon as it completes its purchase of Merrill Lynch & Co.
With so many banks going under, it's hard to deny the economy is in the shitter.
Sooooo shiteous, bbs!
And, with Washington debating over the $700 billion bailout of the financial services industry, the crumbling of even more banks isn't helping.
Shane Oliver, head of investment strategy at AMP Capital in Sydney, says, "It removes an uncertainty from the market. The problem is that markets are in a jittery stage. Washington Mutual provides another reminder how tenuous things are."
WaMu has 2,239 branches and over 43,000 employees. It's still unclear how many people will lose their jobs.
It's a sad day for WaMu, especially considering that they've been around for 119 years!
[Image via AP Images.]
this is messed up.
depression here we come!
Another one bites the dust.
Hope no one had over 100,000 in there.., then they are screwed royally!!!
this is why we're going to boise, id for our anniversary instead of cancun!
Frig what's next?
700 Bill bailout…. I feel bad for you. I really do. They have you by the balls on that one… Pay up or suffer the full blown market consequences.
gotta go do some work…be back soon!
luckily i bank with bofa =)
womanizer womanizer womanizer woma womanizer boy don't try to front i i know just what you are are……………………….
My bank. Bye bye WAMU. RIP. lol
[re=2920833]Re: harrysnatch[/re I'm going to spank you if you run away and take the batteries out of your toys!
this is what happens when your CEO clueless and you hope branches up like they are starbucks but only you open them in the Worst locations. not surprised on this one.
Yes, us American's are screwed. Carma is coming at us full force!!
I went in there once, to open a bank account, and they were complete assholes to me!! What's depressing is watching a bank that's supposed to be our safe-holders completely going down the toilet…i'm thisclose to hiding my money under a mattress, fuck, the risk of my house burning down is looking a lot less likely than the bank taking all my money and effing me in the a-hole.
Re: Sweedie – Let's suffer the consequences, imo. It will be a lesson no one will soon forget and it's the ONLY thing that will get us back on track as a country. If we bail Wall Street out, we are incentivizing FAILURE.
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NO BAILOUT!!!!!!!!!!!!!!
how long until we use the euro?
WOW I have always liked to have my money in different banks, but, at the rate this is going there will not be any banks to chose from only maybe 1. Sad!!!
Re: guilty of being white – haha! how right you are.
WHY DOSEN'T SOMEONE GO POSTAL ON THE FUCKERS!
This is what happens when you give loans to ANYONE. This has been a long time coming. I don't know why anyone is surprised.
Re: Voguette – HAVE YOU BEEN STEALING MY JACK DANIELS!
I AM HAPPY TO BE CANADIAN!
Re: harrysnatch – Ok go make daddy lots of money.
Re: Smirks – join a credit union!!
thousands more people that are going to be unemployed. this economy is shit!
Re: LettyB – Fuckin' wierd in here today.
All this means is JPMorgan and Citigroup (witch is pretty much the same people) own us all. Say goodbye to America's constitution. And start saluting the Morgans, Rothschilds and Rockefellers of the world. They own everything. Everything.
…and yet there are companies with assets large enough to make these kinds of purchases. "Any Day Now" my stocks will go higher…
Bush strikes again!
Re: Voguette – give letty back her sauce and noone will get hurt.
you have had enough.
Re: harrybalsac – my confession was on the worthwhile cause posting
Say NO to the bailout!!!
wow, the am economy is really sinking fast. i wonder how long ago the government knew this shit was gonna go down. hope the ams can hold fast.
Re: harrybalsac – i couldn't even if i wanted to
Re: Smirks – I don't disagree. Besides….isn't a pillar of a true free market economy supposed to be that if a business in non-competitive it must go under?
But when people's retirement savings are at stake, many would sooner pay up that lose it all.
Just sayin'….and probably making myself very popular….LOL
Re: LettyB – #17
INORITE?!?!
BOO!
yay! i'm bank of american
Re: harrybalsac – u started it w/ the confessional
Re: Smirks – SORRY I AM DRUNK I DON'T UNDERSTAND YOUR POST!
Re: harrysnatch – boise will be fun.
i hear cow tipping is romantic.
Re: harrybalsac – TELL ME ABOUT IT!
Re: mama of 2 – LOL!
Re: harrybalsac – why is it wierd??
Re: Sweedie – Not sure whether this view is popular or not, but it is 100% correct. The US is about to open a very expensive Pandora's Box and we'll not be able to close it again. Very, very sad.
YAH!
Re: LettyB – Lol. Was agreeing with your post about wondering why someone hasn't gone postal yet.
none of this, and I mean, NONE of this should be a surprise. House prices in the 90's going through the ceiling, lenders giving 100% mortgages to those who really can't afford it. banks raising their interest rates to loan shark levels to cover bad debt instead of being selective originally in giving out these cards. The good feelings of the 90's and the me generation led to this. It was just like a line of dominos waiting to be hit and once one went, the rest fall right along with the first. 700 billiion $$$$ 300million people in the US. That means a debt of $2350 for EVERY individual in the united states.
Re: harrysnatch – lol your confession.
as sad as this story is….it has been going on for a while. and that said…please stick to the celebrity gossip and leave the real news to real news sites. i don't come on here to read about wamu….i had already done that this morning….on a news site. i then go to your site for the fun stuff…please stick to what you know best…celeb gossip and bitchy comments (meant only in the best way)….the attempts at serious journalism just reminds me of how stupid people are….when you write it and when people attempt to comment on it. so….Perez….what is going on in hollywood right now…..? would love to hear about that!!!
Re: Clueless –
so, really, there will be only one bank in america, right? that means people are screwed.
Re: LettyB –
I LOVE TORONTO, DARLING!
HOLT RENFREW RULES AND THE VIEW FROM THE
CN TOWER IS AMAZING!!!
refresh.
im a loyal WAMu customer for yrs. so when do i get my new jpmorgan checks and debit card ?
For as supposedly shitty as the economy is doing, the rich still mange to get richer. Sounds like business as usual. And boo fucking hoo, I would love to see all banks/credit lenders collapse. I get charged $2.50 by BofA to get my money out of my Chase account and then Chase charges me $2.50 too? Greed kills. Some faster than others.
And fuck the bailout. Why should my tax dollars go to pay for corporate greed? It's bad enough my tax dollars go to promote laziness and overbreeding through social welfare.
"WHOO-HOOO" is definately not the word to describe this………..I wonder how much all that advertising cost them????? NO to the bail-out….those damn crooks!!! greed is running and destoying this world!
.
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WAMU DESERVED IT!
.
THERE'S A WHOLE WEBSITE PUT OUT BY
THEIR EMPLOYEES DECRYING THE HORRID
WORKING
CONDITIONS.
.
APPARENTLY FACTORY WORKERS IN
MEXICO ARE GIVEN MORE RESPECT!
.
SOBER UP LETTY B!!!
.
Re: jennyday123 – then don't read it….just keep scrolling thats all you have to do!! I enjoy the different types of post here and If I dont want to read I pass it up….DUH
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THEY MADE THEIR EMPLOYEES REFER TO THEMSELVES AS
WAMULIANS AND SAY WOOHOO.
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NOW THANKS TO CROOKED MANAGEMENT
THEY CAN ALL SAY BOOHOO!!!
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.
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Greedy banks giving loans to irresponsible losers who can't pay the mortgage… Banks thought they could foreclose on them and make cash by selling the seized property. WaMu deserved it and so did anyone who get a subprime loan knowing they can't pay it. Thanks for ruining the economy.
Re: Leona$ Gho$t – I KNOW BUT T.O. IS TOO EXPENSIVE THAT'S WHY I DON'T LIVE THERE ANYMORE!!
Re: guilty of being white –
Its "we" Americans, not us. And its Karma. Idiot.
Re: Smirks – OK! NOT ALWAYS FAMILIAR WITH WEB LINGO!! LOL!
They are crooks anyway. I've heard horrible stories about WaMu. Such as, if you pay by cash and don't get a receipt than they say you never paid.
We are in this mess because of the STUUUUUUUUUUUPID demoncRATs. This is sinking ObamaDumbMama's do nothing campaign. Obama is screwed! ROTFLMAO!
Yup, It sucks, especially since I have a Wamu account, but I knew it would be bought or I would have closed my bank account.
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Unfortunetely this is what happens when you get rid of Proper Loan Qualifications(thank you Clinton Administration), Nothing is For Free People. If you take a Loan Out be responsible and take out only what you can actually afford. Now that we see what a big mess this is, I hope everyone has learned their lesson and they put Proper Loan Qualifications back in place….if they don't even require a SSN, Downpayment, Job Information, you should know you're getting a shady loan that you wont be able to pay.
Re: LettyB – Lol! Shamefully, I play too many video games! I wish I were less familiar with the lingo!
Re: Smirks –
HI SMIRKS!
people, start saving some money at home. The gov't does not have enough money to insure every bank. Don't end up with your savings wiped out when your bank hits the shitter and goes under. It's just a safe thing to do. Every man for himself in the end.
Re: Gerald_Tarrant –
right on! Theres many people out there that feel the same as me and you too. We need to unite…the gov't doesnt run us, WE run the gov't! If we don't want OUR money going towards this we really need to speak up!
Yeah well protected or not, we're pulling our accounts today and heading over the credit union.
Re: Leona$ Gho$t – LG!!!! HI!
They were the besk bank I ever had
I'm still with them. I'm trying to understand what's happening now.
All caused by IRRESPONSIBLE people who couldn't afford to buy the "too expensive for their income" home they chose, and buying it anyway. They should have known better. I don't buy their "I didn't read the fine print" story. If you didn't read it, you deserve what you got. It's called personal responsibility. And caused by people who didn't have the 20% down and buying it anyway. And GREEDY lenders who wanted to make a quick buck off of them. This is your fault, people.
Wow, this is shocking and devastating. We are heading for a depression! Scarey and unbelieveable!
Everyone against the bailout needs to email their Senators and Congresspeople. THEY work for US. By the way they are so fucking FREE with OUR money, you'd think we work for them.
I hate to see people lose their jobs. This is what happens when you make loans to people who have no business having them. To buy a house back in the day, you actually had to prove your income, put down a good sized down payment, and have money in the bank for back up. They gave loans to anyone who could sign for one. Shameful!
Mario, yet another story that I read somewhere else, yesterday!! come on, stop reporting late news! it's not even celebrity related… if you're going to try to diversify your blog, DO IT RIGHT, FOOL!!! the only reason why I still read it, is so I can watch you slowly go under. and man, I can't wait!!!
I was at the Atlantis resort in the Bahamas in Feb. and the place was swarming with WaMu employees. Nice to see that they had to get bought now when they had all of that money to blow 6 months ago.
NWO here we come! Next thing we know the goverment will have to "take control" of the markets in order to protect us. Fewer banks? Kinda like fewer media outlets?
More and more there are fewer and fewer people in charge of the media and financial markets…this was planned. Greenspan both times collapsed burgeoning markets (dot-coms of the late nineties and housing book of the 2000's) by raising interest rates just as people started to make money, and more and more people had stuck their neck out.
This was planned people, planned I tell you!
Re: jennyday123 – SO glad I'm not the only one who feels this way!
I once banked with them 2 years ago and they screwed everything up. They live just to make you pay fees. At least BOA isn't like that.
Re: Smirks – Post 74
I did that yesterday and posted the response I got from my Senator, Johnny Isakson on another thread. I told him I was against it and I hoped he agreed with me. Unfortunately, judging from the response, he's on board as long as he see's the few things outlined in his letter. I was disappointed. That's why I'm sure we will see a bailout.
this is great news for me!! a year ago my mom started receiving bills that she had opened a credit line and taken out the max witch was 84,000 my mom has her house in the same bank so after hours and hours on the phone with them they would ignore her and she got a lawyer when the bank found out they called my mom and kind of threatened her they would also ask her to pay it or she would loose her house my dad started having pains in the heart and lost allot of sleep, that's all he would talk about the lawyer send the bank a letter saying that if they dint fix this soon they would sue the bank so my parents got a letter the next month that it had been a mistake with the bank this problem lasted 9 months before the bank realized it was their fault!! so i am happy those fuckers are all now paying for what they did to my parents, NOW WHO IS THE ONE WITH THE HEADACHE BITCH
I'm so bummed about this-Wamu was a great bank with so much local history. Those fucking mortgages.
Re: SquirrelLives – I saw that post. Thanks for putting it up. This bailout is really sickening but I agree it's going to happen. Nevertheless, I am angry about it. America is ceasing to be free right before our eyes and all people can talk about is partisan politics. SMH.
Re: Smirks – Post 84
The partisan noise is nothing but a distraction. I saw a poll that says 30% of Americans approve of the plan but 57% think we need a bailout. The congressmen probably see this as a confused electorate and will act without regard for our desires. It sucks.
I told you again and again: America is doomed! Economically and morally!Your Republican Administration during the last few years allowed bankers and corporations to ruin economic stqability by allowing them unrestricted and unregulated speculating, granting housing loans to people who clearly could not afford it a.s.o.!
Not even a Democratic Administration now could get you out too soon of that shit Bush and his wealthy and corrupted friends at the stock exchange, the military industry has gotten you in! Have you all FORGOTTEN the ENRON and CARLYLE scandals?
Unlimited predatory capitalism in its last stages….It s always the same neo-liberal routine of Republican legislature and economic routine: Privatize the profits and nationalize the losses and risks! I.e. let the taxpayers pay for the risks/losses!
America, WAKE UP!
Go to Drudge right now and click the link in column 3: Video - What caused our economic crisis? Must see video. Gogogo!
Re: Bavaria – You are delusional. Why don't you worry about German politics, and let us worry about ours, okay?
Re: ColinFarrellstheman –
Hm…don t know whether the Europeans really wanna GIVE the Euro to you!! *G*
Cause you know, the European stock exchanges and economy are ALSO experiencing huge losses right now due to STUPID and GREEDY megalomaniac and ethically IRRESPONSIBLE criminal AMERICAN bank and corporate MANAGERS and REPUBLICAN POLITICIANS!!
Re: Smirks –
I AM worried about the German economy! Cause, apart from stupid Americans THINK, you re NOT living un an independent island and the entire WORLD ECONOMY and stock exchanges in Europe as well is going down the drain right now because of YOUR AMERICAN desaster! Maybe you didn t hear it, but one German bank alone transmitted 700 million dollars to your alreqadyy bankrupt Lehman Brothers bank AFTER the bankruptcy!
Re: Smirks –
I saws that video this morning on RCP Reader articles. I was surprised to see Drudge had it up. I wish he would link to the NYTimes article you posted on here yesterday and to the Barney Frank video from 2003 where he say's Fannie and Freddie aren't in a crisis.
There s just one song that fits what s happening in America now and what your Republican Administration "permitted" investment bankers and corporate managers to DO the last few years: "Megalomaniac" by INCUBUS!
Remember the Roman Empire where people also got so ARROGANT and IGNORANT and egomaniac and what the END of the Ro,man Empire was?
Rise to power - power - decadence - fall/doom!
Re: Bavaria – #90
Yes, I read that. What on Earth were they thinking? German, and other world banks, should no more bail us out than our American taxpayers should, imo.
Re: SquirrelLives – Yeah… but people read only what they want to read and see only what they want to see. Speaking of that, I'd like to see Dodd and Frank behind BARS. lol.
THEY WERE A BUNCH OF THIEVES ANYWAY!!!
Re: Smirks –
Let's throw in Pelosi and Reid for good measure.
Re: SquirrelLives – Well, maybe Reid. Pelosi's too busy getting her dick sucked by Paulson. lol.
Re: Smirks – LOL
so is that why WAMU just increased my interest rate from 5% to 16%. Fuck them, they should have told me that in the shitty letter they sent me…..
Whoever thinks the economy is doing great needs to eat a dick cheney!
Re: Bavaria – I must agree with you. I am sick to death of the major mistakes my country has made. We are now dearly paying for all the terrible lack of leadership we've had. My hope is that we rebound, but it's going to take a long time. I would apologize to you for my country's arrogant ignorant blunders, but it's not my fault.