WaMu gone - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

SeattleUte · 09-26-2008, 04:19 AM

FDIC seizes the bank and sells assets in pieces to JPMorganChase at firesale prices. Shareholders wiped out. Game over dude.

http://www.nytimes.com/2008/09/26/bu...prod=permalink

SteelBlue · 09-26-2008, 04:31 AM

Damn. This keeps getting scarier.

MikeWaters · 09-26-2008, 04:32 AM

This was rumored for quite a while. My CA bank I own stock in was just upgraded by a major analyst. Some banks will obviously survive.

SeattleUte · 09-26-2008, 04:35 AM

Quote:

Originally Posted by MikeWaters

This was rumored for quite a while. My CA bank I own stock in was just upgraded by a major analyst. Some banks will obviously survive.

I assume JPMorganChase is doing just fine. MANY banks are not in trouble. Thousands of them are okay. I continue to be skeptical that the market wouldn't make any necessary amends. Maybe Wall Street isn't as important to us as we have thought.

FMCoug · 09-26-2008, 04:39 AM

Quote:

Originally Posted by SeattleUte

I assume JPMorganChase is doing just fine. MANY banks are not in trouble. Thousands of them are okay. I continue to be skeptical that the market wouldn't make any necessary amends. Maybe Wall Street isn't as important to us as we have thought.

with any luck this will open up some room for some of the smaller guys. Take banks like Comerica for example.

SeattleUte · 09-26-2008, 04:42 AM

I'm proud of Americans. Congress is getting millions of emails in all caps from pissed off constituents. Americans are overwhelmingly against giving hand outs to fat cats.

8ballrollin · 09-26-2008, 04:49 AM

I was in a local bank on Friday (a Wells Fargo) and it was full of people closing on loans - they were moving mortgages from WaMu to Wells (I could overhear the conversations).

Today I was in a WaMu on business. It's in an area where many people may have more than the FDIC insures in the bank. It was full of people sitting with bankers closing accounts. Weird stuff.

I didn't write it earlier because I didn't want to make it seem sensational. But it was odd.

creekster · 09-26-2008, 05:15 AM

Quote:

Originally Posted by SeattleUte

I'm proud of Americans. Congress is getting millions of emails in all caps from pissed off constituents. Americans are overwhelmingly against giving hand outs to fat cats.

You should tell them to make sure they use plenty of exclamation points. If they do, it just might WORK!!!!!!!!!!!!!!!!!!!!!!!!!!

MikeWaters · 09-26-2008, 05:23 AM

this is how it should be, in general. Banks going bankrupt, FDIC stepping in, assets sold.

And where assets are not able to be sold, then the Treasury Dept. steps in.

TripletDaddy · 09-26-2008, 05:25 AM

Quote:

Originally Posted by SteelBlue

Damn. This keeps getting scarier.

I have noticed in the past few weeks that byu71 has seemed to pipe down a bit on his "the economy is not that bad...it's the media" schtick.

I wonder how many bedrock financial institutions have to go under before he starts getting concerned about the economy?

09-26-2008, 04:19 AM	#1
SeattleUte fairlds.org Join Date: Jan 2006 Location: Seattle, WA Posts: 10,665	WaMu gone FDIC seizes the bank and sells assets in pieces to JPMorganChase at firesale prices. Shareholders wiped out. Game over dude. http://www.nytimes.com/2008/09/26/bu...prod=permalink __________________ Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster

09-26-2008, 04:42 AM	#6
SeattleUte fairlds.org Join Date: Jan 2006 Location: Seattle, WA Posts: 10,665	I'm proud of Americans. Congress is getting millions of emails in all caps from pissed off constituents. Americans are overwhelmingly against giving hand outs to fat cats. __________________ Interrupt all you like. We're involved in a complicated story here, and not everything is quite what it seems to be. —Paul Auster

09-26-2008, 04:49 AM	#7
8ballrollin Senior Member Join Date: Jan 2006 Location: WA Posts: 1,287	I was in a local bank on Friday (a Wells Fargo) and it was full of people closing on loans - they were moving mortgages from WaMu to Wells (I could overhear the conversations). Today I was in a WaMu on business. It's in an area where many people may have more than the FDIC insures in the bank. It was full of people sitting with bankers closing accounts. Weird stuff. I didn't write it earlier because I didn't want to make it seem sensational. But it was odd. __________________ "Five to one... One in five No one here gets out alive"

09-26-2008, 04:31 AM	#2
SteelBlue Senior Member Join Date: Aug 2005 Location: Norcal Posts: 5,821	Damn. This keeps getting scarier.

09-26-2008, 04:32 AM	#3
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	This was rumored for quite a while. My CA bank I own stock in was just upgraded by a major analyst. Some banks will obviously survive.

09-26-2008, 05:23 AM	#9
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	this is how it should be, in general. Banks going bankrupt, FDIC stepping in, assets sold. And where assets are not able to be sold, then the Treasury Dept. steps in.