dockeryfan Posted September 26, 2008 Share Posted September 26, 2008 The FDIC seized all the assets and sold them to JP Morgan Chase for an undisclosed sum. Debtors of WAMU---get nothing Stockholders of WAMU---get nothing But, on the plus side: Business as usual tomorrow. People will be able to do their banking just as always. One of the "troubled banks" is now out of the picture. Crazy times. Decisions are being made in random lets put this fire out now manner. JPM is a real winner here. Link to comment Share on other sites More sharing options...
Oldskool Posted September 26, 2008 Share Posted September 26, 2008 Ugh. Time to look for a new bank. Link to comment Share on other sites More sharing options...
Predicto Posted September 26, 2008 Share Posted September 26, 2008 At least the feds found a buyer for this one instead of directly taking it over. It's a failure just the same - and WaMU is a BIG institution. http://money.cnn.com/2008/09/25/news/companies/JPM_WaMu/index.htm?postversion=2008092519 Link to comment Share on other sites More sharing options...
DarrellsMyHero28 Posted September 26, 2008 Share Posted September 26, 2008 I wonder how the JP Morgan stock will do. Link to comment Share on other sites More sharing options...
DarrellsMyHero28 Posted September 26, 2008 Share Posted September 26, 2008 Mergggggggggggggeeeeeeeeeeeeeeeoraaaaaaaaaaamaaaaa Link to comment Share on other sites More sharing options...
dockeryfan Posted September 26, 2008 Author Share Posted September 26, 2008 Whatsa matter Predicto. You didn't like my thread, lol? Link to comment Share on other sites More sharing options...
DarrellsMyHero28 Posted September 26, 2008 Share Posted September 26, 2008 Predicto has a linky Link to comment Share on other sites More sharing options...
dockeryfan Posted September 26, 2008 Author Share Posted September 26, 2008 Predicto has a linky That's because I posted it before there was any link. I heard it on CNBC as it was happening. Look at the time of the link and the time of my post. Link to comment Share on other sites More sharing options...
DarrellsMyHero28 Posted September 26, 2008 Share Posted September 26, 2008 That's because I posted it before there was any link. I heard it on CNBC as it was happening. Well aren't youuuu special. Link to comment Share on other sites More sharing options...
Oldskool Posted September 26, 2008 Share Posted September 26, 2008 Well aren't youuuu special. /tazer Quit being a smartass. Link to comment Share on other sites More sharing options...
DarrellsMyHero28 Posted September 26, 2008 Share Posted September 26, 2008 /tazerQuit being a smartass. You're fired. --Sarah Palin Link to comment Share on other sites More sharing options...
dcnativenerd Posted September 26, 2008 Share Posted September 26, 2008 TIMBER! *crash* Link to comment Share on other sites More sharing options...
Predicto Posted September 26, 2008 Share Posted September 26, 2008 Whatsa matter Predicto. You didn't like my thread, lol? Liez! All liez!@!!!! Link to comment Share on other sites More sharing options...
Stophovr6 Posted September 26, 2008 Share Posted September 26, 2008 Uhhh. My money is in Wamu. What should I do? Link to comment Share on other sites More sharing options...
GibbsFactor Posted September 26, 2008 Share Posted September 26, 2008 This has been known all week. I'm glad the they got a buyer. Who's next? It's the new finacial death pool. Link to comment Share on other sites More sharing options...
Monte51Coleman Posted September 26, 2008 Share Posted September 26, 2008 Uhhh. My money is in Wamu. What should I do? Considering that Morgan is taking over you'll be fine. Link to comment Share on other sites More sharing options...
VASkins540 Posted September 26, 2008 Share Posted September 26, 2008 Does this mean no more of those horrible Wamu commercials? :fingersx: Link to comment Share on other sites More sharing options...
mjah Posted September 26, 2008 Share Posted September 26, 2008 I liked WAMU, long ago when they were public radio in the morning and bluegrass in the afternoon or whatever that was. Never did listen to the bluegrass, but I appreciated that it was there. Link to comment Share on other sites More sharing options...
twa Posted September 26, 2008 Share Posted September 26, 2008 Uhhh. My money is in Wamu. What should I do? Nothing ,unless you keep over the ins limit...then you sweat;) Link to comment Share on other sites More sharing options...
Ken Posted September 26, 2008 Share Posted September 26, 2008 This has been known all week. I'm glad the they got a buyer.Who's next? It's the new finacial death pool. Yeah, they got a "buyer". Somehow, JP Morgan was able to purchase these assetts valued at over 300 billion for $1.9 billion. How does that happen and why weren't the people able to make this purchase to offset the reaming we are about to take? I just don't understand how this is... Link to comment Share on other sites More sharing options...
The Sisko Posted September 26, 2008 Share Posted September 26, 2008 Yeah, they got a "buyer".Somehow, JP Morgan was able to purchase these assetts valued at over 300 billion for $1.9 billion. How does that happen and why weren't the people able to make this purchase to offset the reaming we are about to take? I just don't understand how this is... WaMu lost about $17 billion over the past few weeks from depositors withdrawing their money. They just didn't have the cash on hand to go on I guess. Does this mean no more of those horrible Wamu commercials? :fingersx: But hopefully it's not the end of their cool branches, good service and free checking accounts. As a customer, I loved WaMu. This sucks. Link to comment Share on other sites More sharing options...
SkinsTerps26 Posted September 26, 2008 Share Posted September 26, 2008 Ugh. Time to look for a new bank. you are officially on the "can't say ****, b/c my bank folded" list Link to comment Share on other sites More sharing options...
Hubbs Posted September 26, 2008 Share Posted September 26, 2008 you are officially on the "can't say ****, b/c my bank folded" list ...the what? Link to comment Share on other sites More sharing options...
dockeryfan Posted September 26, 2008 Author Share Posted September 26, 2008 Yeah, they got a "buyer".Somehow, JP Morgan was able to purchase these assetts valued at over 300 billion for $1.9 billion. How does that happen and why weren't the people able to make this purchase to offset the reaming we are about to take? I just don't understand how this is... I was wondering what the figure would be . 1.9 billion. Yikes. WaMu has 135 billion in deposits. If the FDIC had to tap into it's reserves for this one, every existing bank would have felt the hit, as their insurance premiums would have gone up. So JPM gets all the assets. They get a footprint in northern Ca They DO NOT buy the equity (so debtors and shareholders get nothing) Depositors feel nothing. Even people with more than 100K. Everything is still there, business as usual. FDIC does not have to tap into the fund JP Morgan will issue 8 billion in stock, and will write down a bunch of debt today. All on a handshake type deal. Usually there are regulations involved with a bank takeover. There is none of that with this transaction. Crazy times. BAC takes on Countrywide and Merrill Lynch, JPM takes over WaMu with the Federal govt brokering the deal. We won't see anything like this in our lifetime for sure. There has to be generations removed between crises like this. 1929 was a long time ago. JPM, the real JP Morgan, tried to stop the bleeding back then with similar moves. Link to comment Share on other sites More sharing options...
karmacop Posted September 26, 2008 Share Posted September 26, 2008 Who's next? The safe money is on Wachovia. They're very similar to WaMu, and they also invested heavily in unsafe ARM-A mortgage loans. My checking account is with Wachovia, so I hope I'm wrong. I fear I'm not, though... Link to comment Share on other sites More sharing options...
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