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Ear to the Ground

Say Goodbye to WaMu

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Posted on Sep 26, 2008
wamu.com

JPMorgan Chase added to its failed financial behemoth collection by gobbling up the deposits of Washington Mutual, which set a record for the biggest U.S. bank failure Thursday. According to the FDIC and Chase, bank customers have nothing to worry about.

In March, JPMorgan absorbed Bear Stearns, which kicked off the financial meltdown with its own failure.

Interested Washington Mutual customers can hear directly from their new bank here.


BBC:

Washington Mutual (WaMu) has been closed by its regulator, making it the biggest US bank to fail.

The Office of Thrift Supervision (OTS) stepped in to shut the mortgage lender before selling its assets to JPMorgan Chase for $1.9bn (£1.0bn).

The OTS said it was worried WaMu would run out of cash as $16.7bn of deposits had been withdrawn since 15 September.

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By P. T., September 26, 2008 at 9:05 am Link to this comment

WaMu customers don’t have to worry as long as their deposits are $100,000 or less.  It is taxpayers that have something to worry about.

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By bipolar2, September 26, 2008 at 9:02 am Link to this comment

Hey, hip, young WaMu:

You’re dead.
Who’s dancing on your grave?

Fat, balding, old, white bankers.

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By Mudbones, September 26, 2008 at 8:51 am Link to this comment

yellowbird
good points.  and is interesting to note congress pushed thru the revised consumer bankruptcy laws last year.  Lou Dobbs is right, war on the middle class…. and we’re losing big time

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By yellowbird2525, September 26, 2008 at 8:40 am Link to this comment

Our lawmakers knew all along exactly & precisely what was going on; usury laws were NOT enforced; by lawmakers; who of course are appointed & told what to do by Congress and are the Judges; re credit cards; deliberately misleading; directly lying; golly gee just like the folks in Congress; this has been part of the agressively hostile to the people of their own country the USA folks: while the “few” take the wealth from everyone else; folks have talked of this; lou Dobbs book war on the American people (oops that was dream); over & over & over; & falling on deaf ears: What I want to know is this: the Clintons made $20m in 2007: “supposedly” from “speechs” from Bill: yet in Oregon neither one could pull a crowd of 1000: not even in the universities; so: WHERE did the funds REALLY come from? Enquiring minds want to KNOW. And they want the PEOPLE to STOP; TAKE off your BLINDERS: and LOOK at what is TRULY GOING ON.

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By Mudbones, September 26, 2008 at 7:18 am Link to this comment

This is onetime I agree with the Russian way of thinking, in Russia all these former CEO’s would be in prison for fraud or something close to it….. maybe we could learn something from them afterall

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By nrobi, September 26, 2008 at 6:56 am Link to this comment

So in actuality this was not just a failure due to the mortgage loan crisis but a run on the bank’s deposit’s and value.
All along I was told that this was not a run on the bank, yet here the real facts come out and the truth is told. This crisis is unfolding to be one of the worst since the great depression, and may surpass the great depression in the length of time and loss of assets due to the illegal and immoral way that the banks themselves have run their businesses.
We, the people need to get ahold of the perpetrators of this obscenity, and prosecute them to the fullest extent of the law for malfeasance and misfeasance of the highest order.
I know it would do my heart good to see those men and women in prison, for a very long time for the avarice with which they have ruined this once robust and healthy economy.

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