Author Topic: Looks like WaMu is gone (Read 8588 times)

Headless Thompson Gunner · « **on:** September 25, 2008, 04:29:40 PM »

WaMu bought out by JP Morgan Chase.

Good stuff, that. Maybe we won't need that bailout afterall.

grampster · « **Reply #1 on:** September 25, 2008, 05:14:59 PM »

Holy Crap! Your title to this thread nearly caused me heart failure. I have a 3 funds that have pieces of Wa Mu as well as a separate investment there. Maybe this news might actually get some sleep tonight??

jamz · « **Reply #2 on:** September 25, 2008, 05:25:42 PM »

Aw man, I was hoping I wouldn't have to pay off my WaMu credit card. cheesy

txgho1911 · « **Reply #3 on:** September 25, 2008, 05:34:23 PM »

After hours price in the millions volume and bottoming .40 and less.
Stick a fork in it.

NCC raised 7B early. No other bank or investment house can even start to do that now. Any funds that hold financials will loss some.
Look at congress and read between the lines. They are panicked. The great depression was a mild ressession compared to what the money bosses see coming.

OH yea NCC stinks at every level still.

Unisaw · « **Reply #4 on:** September 25, 2008, 06:36:13 PM »

According to the Wall Street Journal, WaMu was actually seized by Federal regulators who then sold most of its assets to JP Morgan.

stevelyn · « **Reply #5 on:** September 25, 2008, 07:23:03 PM »

WooHoo?

longeyes · « **Reply #6 on:** September 25, 2008, 10:44:27 PM »

John Jacob Astor must be looking down and laughing his ass off about now.

And who is going to be the next Sec'y of the Treasury? Scrooge McDuck?

seeker_two · « **Reply #7 on:** September 26, 2008, 01:46:18 AM »

Quote from: longeyes on September 25, 2008, 09:44:27 PM

And who is going to be the next Sec'y of the Treasury? Scrooge McDuck?

Scrooge McDuck would make a far better choice than Paulson...at least McDuck believed in not making bad loans....

djw · « **Reply #8 on:** September 26, 2008, 02:51:01 AM »

The timing of this is beginning to reek of an administration effort to panic the public into supporting the bailout............

Waitone · « **Reply #9 on:** September 26, 2008, 03:13:02 AM »

There is more to this than a simple purchase. A whole lot more lurked in the weeds of the Bear Sterns purchase of the same JP Morgan. By the time it was all over Morgan got Bear for about 6 cents on the dollar not the 22 cents the news broadcast. WaMu bears watching closely.

HankB · « **Reply #10 on:** September 26, 2008, 03:42:13 AM »

Hmmm . . . I've got a couple of CDs at WaMu . . . they total less than the $100k FDIC insurance limit, so I think I'm OK . . . I'll have to keep an eye on this.

Fly320s · « **Reply #11 on:** September 26, 2008, 03:51:56 AM »

HankB, you're fine.

All you'll notice is a name change on one of your future bank statements.

Manedwolf · « **Reply #12 on:** September 26, 2008, 04:25:59 AM »

Quote from: grampster on September 25, 2008, 04:14:59 PM

Holy Crap! Your title to this thread nearly caused me heart failure. I have a 3 funds that have pieces of Wa Mu as well as a separate investment there. Maybe this news might actually get some sleep tonight??

I think your shares just became worthless, as the FDIC took over? Huh?

Your investment HELD by the bank is insured as long as it's not over $100k, but the shares, I believe, went pft.

Anyone in the market, I consider financials to be an ongoing trainwreck. Since I'm not a pro, I stay way clear. Only in mutual funds and some entertainment and bio/medical right now...

slingshot · « **Reply #13 on:** September 26, 2008, 04:38:19 AM »

I don't know the deal with Washington Mutal other than they will be acquired by Morgan Chase. You're money and savings will be fine unless you hold accounts over 100K. I'm sure some employees will be dumped. That is always the case.

Manedwolf · « **Reply #14 on:** September 26, 2008, 04:56:27 AM »

Wachovia just dropped 28% too.

My opinion in banking stocks...If you'd ever seen Star Trek III, with Christopher Lloyd yelling "GET OUT! GET OUT OF THERE!" at the people just before the spaceship self-destructs and burns up, well...yeah. That'd be about it.

Firethorn · « **Reply #15 on:** September 26, 2008, 05:14:32 AM »

currently checking out my mutual funds for WaMu. My tendency to hold index funds means that I don't know all of what I own, just that I own a small chunck of virtually all publicly traded US companies.

BTW, it's always interesting to go through the holdings. Lots of companies I don't recognize, but there's always ones that stand out. "I own Coca-cola?".

Sindawe · « **Reply #16 on:** September 26, 2008, 05:34:38 AM »

Quote

My opinion in banking stocks...If you'd ever seen Star Trek III, with Christopher Lloyd yelling "GET OUT! GET OUT OF THERE!" at the people just before the spaceship self-destructs and burns up, well...yeah. That'd be about it.

"EXHILARATING! ISN"T IT!."

grampster · « **Reply #17 on:** September 26, 2008, 05:44:19 AM »

Well, if you have bonds, they're gone. I just watched $23,000 sail off into the sunset.

HankB · « **Reply #18 on:** September 26, 2008, 06:34:27 AM »

Quote from: grampster on September 26, 2008, 04:44:19 AM

Well, if you have bonds, they're gone. I just watched $23,000 sail off into the sunset.

So you're in the market for a torch and a pitchfork?

No, I don't mean to make light of this - I've got stock exposure myself in my 401k - but so many people screwed up, and worked at screwing things up, knowing they were screwing up . . . I think it'll be a damn shame if those responsible aren't made to pay. angry

slingshot · « **Reply #19 on:** September 26, 2008, 06:58:18 AM »

Quote

Well, if you have bonds, they're gone. I just watched $23,000 sail off into the sunset.

And they always say investing in Bonds are safe. One of the problems is that many Money Market $ are invested in bonds. I'm afraid to look at those low earning investments.

grampster · « **Reply #20 on:** September 26, 2008, 07:59:10 AM »

I think if you had less than $100,000 in money market, didn't Washington insure what was deposited in money market funds before Sept 17th. Or am I wrong about that too. angry

Manedwolf · « **Reply #21 on:** September 26, 2008, 08:02:02 AM »

Quote from: grampster on September 26, 2008, 06:59:10 AM

I think if you had less than $100,000 in money market, didn't Washington insure what was deposited in money market funds before Sept 17th. Or am I wrong about that too. angry

Yes, that should be okay. I thought you meant you had shares of WaMu. Those are worthless.

Headless Thompson Gunner · « **Reply #22 on:** September 26, 2008, 08:07:07 AM »

Quote from: slingshot on September 26, 2008, 05:58:18 AM

Quote

Well, if you have bonds, they're gone. I just watched $23,000 sail off into the sunset.

And they always say investing in Bonds are safe. One of the problems is that many Money Market $ are invested in bonds. I'm afraid to look at those low earning investments.

Bonds are not safe, they're just "safer" than some alternatives. Just how much safer depends upon the financial health of the company issuing the bonds.

HankB · « **Reply #23 on:** September 26, 2008, 08:14:31 AM »

Things like Certificates of Deposit, savings accounts, money market accounts, checking accounts, etc., are generally FDIC insured, and as long as the Federal government doesn't collapse, are safe up to a total of $100,000.

Corporate bonds, on the other hand, are just loans to the company, on which they pay interest and on which there's a presumption that they're going to pay them back over time. Not being secured by FDIC or any other arm of the Federal government, they're generally as secure as the company that issues them.

As I understand things, WaMu corporate bonds are now worthless.

TexasRifleman · « **Reply #24 on:** September 26, 2008, 08:34:03 AM »

How's this make you feel?

Nice work if you can get it indeed.....

Quote

Nice work — if you can get fired from it.

That's just what one Alan H. Fishman might have thought when he woke up Friday morning.

Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.

But don't cry for Fishman, who reportedly was sky-high — literally — last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

That's right, $20 million for 17 days on the job ... and his company failed.

News:

Author Topic: Looks like WaMu is gone (Read 8588 times)