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M Sparks
09-25-2008, 03:30 PM
Yup. Selling parts to Chase, but not a full on buyout.

TeamCoachellaHellYeah
09-25-2008, 03:31 PM
time for a bank run?

marooko
09-25-2008, 03:32 PM
seriously.

CalmerThanYou
09-25-2008, 03:38 PM
Yup. Selling parts to Chase, but not a full on buyout.

Where are you getting this from? it isnt anywhere yet....well, except on the all knowing coachella message boardz.

TeamCoachellaHellYeah
09-25-2008, 03:40 PM
all knowing Coachella board...

marooko
09-25-2008, 03:43 PM
Where are you getting this from? it isnt anywhere yet....well, except on the all knowing coachella message boardz.

for reelzz. this is where i get most of my news first. seriously. then i go search what i think is interesting.

indietron
09-25-2008, 04:00 PM
for reelzz. this is where i get most of my news first. seriously. then i go search what i think is interesting.

I am the exact same way.

And hopefully this doesnt affect BofA in the future =/

gaypalmsprings
09-25-2008, 04:01 PM
JP Morgan is buying deposits

Jew'd Law
09-25-2008, 04:04 PM
Send me your $$$

indietron
09-25-2008, 04:06 PM
JP Morgan is buying deposits

Of Bank of America?? Or WAMU?

Young blood
09-25-2008, 04:08 PM
hahahahaha suckers.

Young blood
09-25-2008, 04:10 PM
Whos with me? Im going into the loan shark business.....

Blinken
09-25-2008, 04:12 PM
BJ7EIKbnnkw
Maybe he should have listened to the bankers.

PassiveTheory
09-25-2008, 04:13 PM
So does that mean I lose all my money?

Young blood
09-25-2008, 04:14 PM
yes.

sbessiso
09-25-2008, 04:15 PM
Miami-Dade County Federal Credit Union!! =D

Blinken
09-25-2008, 04:16 PM
So does that mean I lose all my money?

J$$$$ took it all in the night, sorry. At least you are a founder of the new Loan Shark Consortium, not that you will see any profits, the executive compensation packages are massive.

Young blood
09-25-2008, 04:17 PM
6 hr + lines. sorry no monies. lol.

algunz
09-25-2008, 04:17 PM
Taggers are dirty.

So are bankers.

Young blood
09-25-2008, 04:21 PM
J$$$$ took it all in the night, sorry. At least you are a founder of the new Loan Shark Consortium, not that you will see any profits, the executive compensation packages are massive.

yall need some money? Interest at my bank is a bitch, it may just cost you your life, but we are more than welcome to loan.

TeamCoachellaHellYeah
09-25-2008, 06:14 PM
CNN is all over this btw...

M Sparks
09-25-2008, 06:53 PM
Where are you getting this from? it isnt anywhere yet....

Yeah, I'm one of those elitists who pay for basic cable. :rolleyes

gaypalmsprings
09-25-2008, 06:56 PM
http://files.myopera.com/drlaunch/blog/cat-pwned.png

TomAz
09-25-2008, 06:59 PM
if you're too lazy to type www.cnn.com ....

NEW YORK (CNNMoney.com) -- JPMorgan Chase acquired the troubled thrift Washington Mutual Inc., the Federal Deposit Insurance Corporation announced late Thursday, marking yet the latest stunning development in the ongoing credit crisis.

Under the deal, which was shepherded by federal banking regulators, JPMorgan Chase will acquire all the banking operations of the Seattle-based WaMu, as well as its assets and financial contracts.

JPMorgan Chase (JPM, Fortune 500) will also make a payment of $1.9 billion. Separately, JPMorgan announced it was planning to raise $8 billion in additional capital through the sale of stock as part of the deal.

The Office of Thrift Supervision shut down the bank on Thursday and named the FDIC as receiver. WaMu is the 13th bank to fail so far this year.

"For bank customers, it will be a seamless transition," said FDIC Chairman Sheila Bair. "There will be no interruption in services and bank customers should expect business as usual come Friday morning,"

Shares of WaMu (WM, Fortune 500), which finished the day down 25%, plunged an additional 73% in after hours trading on the news.

WaMu and a subsidiary, Washington Mutual FSB, have combined assets of $307 billion and total deposits of $188 billion.

WaMu, the nation's largest savings and loan, has been one of the most hard-hit banks during the financial crisis. Many of its assets are tied up in mortgages, many of which have gone sour as housing prices fell.

The company's stock freefall, combined with several ratings agency downgrades, has led many analysts to speculate that the endgame for the embattled savings and loan was imminent.

The Seattle-based thrift, which has about 2,300 locations nationwide, reportedly put itself up for sale last week. Several other large institutions, including Wells Fargo (WFC, Fortune 500), Citigroup (C, Fortune 500) and HSBC (HBC), reportedly had pored over the company's books.

Earlier Thursday, reports surfaced that WaMu had approached private equity firms about a potential takeover of the firm, and that federal regulators are also rushing to broker a deal as financial pressures mount on the firm.

WaMu has been hit by a series of credit downgrades in the past month, which has increased the urgency on the company to find a buyer. Credit agency Standard & Poor's downgraded WaMu on Wednesday, lowering the firm from junk status to an even lower junk status.

Rating agency DBRS also downgraded WaMu on Wednesday, lowering the holding company's credit rating to junk bond status but keeping the firm's banking business at investment grade status.

The fall of Washington Mutual is the latest turn in a dizzying two weeks that has seen the bankruptcy of Lehman Brothers, the acquisition of Merrill Lynch by Bank of America (BAC, Fortune 500) and the near collapse of insurance giant AIG (AIG, Fortune 500).

The widening credit crisis has prompted President Bush to seek from Congress extraordinary authority to spend as much a $700 billion to bail out the nation's financial system by purchasing toxic assets from banks.

President Bush, in a televised address on Wednesday night, said the nation is in the middle of a "serious financial crisis" that threatens the economy. "The market is not functioning properly," Bush said. There is a widespread loss of confidence. America could slip into a financial panic."

This year, 12 other banks have been forced to close their doors. In July IndyMac was closed down marking the largest collapse of an FDIC-insured institution since 1984. The Pasadena, Calif.-based bank failed because it backed risky home loans.

Federal regulators were quick to point out Thursday evening that the WaMu-JPMorgan Chase deal would not have any impact to its insurance fund which covers customer deposits when banks fail.

"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said.

When IndyMac was shut down, it had assets of $32 billion and deposits of $19 billion. The FDIC protected most of IndyMac customer's assets.

whynotsmile99
09-25-2008, 07:00 PM
hopefully this will put an end to those annoying fucking ads

M Sparks
09-25-2008, 07:09 PM
Standard & Poor's downgraded WaMu on Wednesday, lowering the firm from junk status to an even lower junk status.

:poo

jazzz
09-25-2008, 07:14 PM
Sweet! I knew this was going to happen.

Wheres the beef?
09-25-2008, 07:17 PM
lol @ open a mattress account

Quadromarshia
09-25-2008, 07:25 PM
lol @ open a mattress account

you're welcome ;)

Wheres the beef?
09-25-2008, 07:26 PM
Guess I'm gonna close my account tomorrow.

Quadromarshia
09-25-2008, 07:28 PM
I wish they would break up/seize BoA, I hate 'em.



Anti trust yadda yadda....

shakermaker113
09-25-2008, 09:06 PM
so is my money going to become worthless over the next few months? I'm still trying to understand the implications of all this.

CalmerThanYou
09-25-2008, 09:09 PM
we are witnessing the implosion of our economy as we know it...

buckle up.

edit: im talking about the big picture, not the wamu deal

Blinken
09-25-2008, 09:10 PM
Everyone's money is OK it will be there tomarrow, it will be there next year. The only way you would have lost money is if you are a shareholder. Even if you have more than $100,000 you would still have your money because JP Morgan Chase bought the deposits from the FDIC. So although the bank may change names in the next few months it will not effect your money at all.

Blinken
09-25-2008, 09:11 PM
we are witnessing the implosion of our economy as we know it...

buckle up.

Should be a fun ride down.

shakermaker113
09-25-2008, 09:16 PM
I'm not really concerned about wamu. I'll be happy to never have to say that name again. I'm concered, as calmer said, about the big picture. I'll still have my money next year, sure, but maybe it will be worth more as toilet paper.

gaypalmsprings
09-25-2008, 09:18 PM
Jim Cramer said to buy Sirius when it was $4.00 - now it's 85 cents. I hate that guy.

shakermaker113
09-25-2008, 09:21 PM
this is why I don't invest.

gaypalmsprings
09-25-2008, 09:22 PM
WaMu will be worth nothing tomorrow.

M Sparks
09-26-2008, 05:39 AM
Last I saw it was 48 cents a share...doesn't that qualify as nothing?

I haven't looked today, yet.

Quadromarshia
09-26-2008, 05:58 AM
Some guys on Morning Edition today were talking about using a computer simulation of our economy, using physics equasions.

The NPR reporter asked the guys "so basically this is Doomsday". And the physicist was like "haha more or less."

Young blood
09-26-2008, 06:18 AM
To many Cheifs not enough Indians. They should just bring me in. I could figure out this shit in 45 seconds.

Here goes;

Trickle-up effect. Let the big fish die. They are just going to squander it and invest in other countries. Give us the 700 billion. Some bills might get paid and pull people out of the credit debt. Freeing up monies and lending.

Quadromarshia
09-26-2008, 06:26 AM
Give us the 700 billion.

How about they just give me 700 billion dollars. I swear i'll mostly pump it back into the economy, pinky promise!



Hey! Dem's better odds than your gonna get with Paulson!

gaypalmsprings
09-26-2008, 06:29 AM
WASHINGTON MUT INC COM WM: NYSE
Financial : S&Ls/Savings Banks Snapshot Classic View

Last Price 0.164 -1.526 (-90.30%)

OK - 16 cents isn't nothing - but what can you buy with 16 cents after the broker fees?

M Sparks
09-26-2008, 06:56 AM
http://www.chase.com/welcomewamu/

gaypalmsprings
09-26-2008, 06:59 AM
https://www.wamu.com/personal/default.asp

kroqken
11-22-2008, 11:29 PM
At least WAMU is FDIC insured and it insures up to $250,000 now. Next year, all WAMUs will be renamed Chase Bank. How about Wells Fargo buying Wachovia, that was out of left field. I also wonder what will happen to the troubld Citigroup.

kroqken
11-22-2008, 11:30 PM
Jim Cramer said to buy Sirius when it was $4.00 - now it's 85 cents. I hate that guy.

Don't believe a bald guy with a goatee, it is a look similar to Satan himself, or at least his most famous follower Anton Levay.