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View Full Version : Economics WAMU failed tonight


SBK
09-25-2008, 09:50 PM
LMAO

Count WAMU as another former bank, largest failure in history. Way to go by those leaders. (when do we get a perp walk?)

http://biz.yahoo.com/ap/080925/washington_mutual_future.html?.v=5

banyon
09-25-2008, 09:51 PM
I thought they were bought by JP Morgan Chase?

(*edit looks like this is right. CNN reported this a little inaccurately earlier. Their financial reporters must be stretched pretty thin)

'Hamas' Jenkins
09-25-2008, 09:52 PM
Their assets were bought because they went tits up.

Mr. Laz
09-25-2008, 09:52 PM
i don't think this is really something to laugh about it ..... is it?

banyon
09-25-2008, 09:53 PM
I have a WaMu credit card, so I can just cut that up, right?

Mr. Laz
09-25-2008, 09:55 PM
I have a WaMu credit card, so I can just cut that up, right?

i imagine you will get a letter from J.P. Morgan about a new card being issued.

unless they don't think your a good asset, then they might send you a letter canceling your card.

SBK
09-25-2008, 09:56 PM
i don't think this is really something to laugh about it ..... is it?

I'm laughing at the size and timing. Previous record was a bank with $40B in assets, WaMu had $310B in assets.

These freaking guys running these companies made hundreds of millions of dollars destroying their companies. They took risks they should have never taken, they should be on the way to jail for fraud.

banyon
09-25-2008, 09:56 PM
i imagine you will get a letter from J.P. Morgan about a new card being issued.

unless they don't think your a good asset, then they might send you a letter canceling your card.

Great. I hate Morgan Chase, their Mortgage Customer service was about the worst agency I have ever dealt with and that includes the IRS and the Illinois DMV.

'Hamas' Jenkins
09-25-2008, 09:57 PM
I have a WaMu credit card, so I can just cut that up, right?

You now have a Chase Card.

banyon
09-25-2008, 09:57 PM
You guys know I was joking right? :)

jiveturkey
09-25-2008, 09:58 PM
I think that we should loosen the regulation noose around their necks and give them a tax break.

Did we really just propose that?

Signed

Republicans

'Hamas' Jenkins
09-25-2008, 09:59 PM
You guys know I was joking right? :)

Yes. You are king Leftist Economist in this thread

I bow in reverance :wayne:

banyon
09-25-2008, 10:03 PM
Yes. You are king Leftist Economist in this thread

I bow in reverance :wayne:

"King Leftist Economist", is that trademarked? :D

'Hamas' Jenkins
09-25-2008, 10:06 PM
"King Leftist Economist", is that trademarked? :D

I'd trademark it, otherwise TJ will probably throw it up at Lew<del>c</del>Rock<del>ofshit</del>well.

Iowanian
09-25-2008, 10:12 PM
This is going to be bad in the morning.

'Hamas' Jenkins
09-25-2008, 10:15 PM
"The fundamentals of our economy are strong" vs. a "present" vote.

I wonder which one people care about more?

chagrin
09-25-2008, 10:21 PM
As a Chase Employee, and participant in the stock purchase plan, I am thrilled by this news, we've known for almost a year now that this would happen. Jamie Dimon may be a tight wad but he is going to make BoA look like stooges.

chagrin
09-25-2008, 10:22 PM
I think that we should loosen the regulation noose around their necks and give them a tax break.

Did we really just propose that?

Signed

Republicans

that's a pretty short sighted view

Guru
09-25-2008, 11:12 PM
Guess my mortgage payment gets a new address now.

eazyb81
09-25-2008, 11:34 PM
Just checked out the pitch book on the JPM-WaMu deal from a buddy that works for JPM - pretty interesting info in there. This should be a good deal for WaMu in the long-term, there are a ton of synergies involved.

SBK
09-25-2008, 11:39 PM
If this puts WaMu under new leadership (obviously) it's a good thing. Anyone with 1/2 a brain knows their leaders screwed that company up long ago. This was just a matter of time.

Fishpicker
09-25-2008, 11:45 PM
As a Chase Employee, and participant in the stock purchase plan, I am thrilled by this news, we've known for almost a year now that this would happen. Jamie Dimon may be a tight wad but he is going to make BoA look like stooges.

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/WfFB9ZqNjYM&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/WfFB9ZqNjYM&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>

Guru
09-25-2008, 11:46 PM
<object width="425" height="344">

<embed src="http://www.youtube.com/v/WfFB9ZqNjYM&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></object>
WTF?

Silock
09-26-2008, 12:15 AM
As a Chase Employee, and participant in the stock purchase plan, I am thrilled by this news, we've known for almost a year now that this would happen. Jamie Dimon may be a tight wad but he is going to make BoA look like stooges.

Really? Because so far, BoA looks like one of the only companies that knows what the **** it's doing. They're going to make out like bandits.

Der Flöprer
09-26-2008, 12:20 AM
Really? Because so far, BoA looks like one of the only companies that knows what the **** it's doing. They're going to make out like bandits.

Bofa and Chase are the two banks that really never bought into any of this bullshit, and they are coming out like a Rose right now.

Stewie
09-26-2008, 06:29 AM
Guess my mortgage payment gets a new address now.


I'm on autopay with WaMu for my mortgage. I wonder how that will work out? Maybe my mortgage will get lost in the movement of assets to JPM and I'll get something free from the banks like they're getting billions$ for free from taxpayers.

bkkcoh
09-26-2008, 07:13 AM
Bofa and Chase are the two banks that really never bought into any of this bullshit, and they are coming out like a Rose right now.

That is very correct and I happen to work for the one in Columbus. :toast:

Amnorix
09-26-2008, 07:34 AM
This is going to be bad in the morning.

Yep. Wall Street is going to shudder at the blood in the streets after this day is done.

BucEyedPea
09-26-2008, 08:09 AM
WAMU was bought by JPMorgan.

See, we don't need no stinkin' bailout.