[unagi1]

let the fire sale begin...

[toofasttooslow]

Originally Posted by Laszlo

Yeah, we should see the stock market at about 8,000 by mid-October... maybe worse.

Doesn't matter... it's too late to fix it. We're going down. I'm moving to Canada.

Hate to say it but Canada will be no better off. This is gonna go global man. Plus you'll just be back in the US of A when the North American Union is put into place in the next couple of years.

[toofasttooslow]

Originally Posted by Laszlo

SO...

The FDIC just seized Wamu.

Did you guys get your money out?

Probably not... Just so you know, it can take up to three-months now to get your deposits back.

I said that Wamu would go under last Friday, but it ended up being today.

Nonetheless, I wonder how the FDIC is going to insure all those deposits, if they're asking Congress/Fed for 150 billion.

Hmmm?

Anyway, JPMorgan is buying up their assets. Worst bank failure in history folks.

I had a hunch it would go down this week so I pulled out some cashier's checks a few days ago and did a local to local branch transfer to a credit union. Unfortunately the cashiers checks were for over 10grand so they put a 10 day hold on them. We'll see what happens there. If I get f'd over I'm going to be very upset.

[akack79]

I pulled the majority of my $$ out of WAMU early this week so I wouldnt have to mess with the FDIC.......

[number335]

JP Morgan buys Wamu...whew

"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," Bair said in a statement. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."



http://biz.yahoo.com/ap/080926/washi...ture.html?.v=2

[toofasttooslow]

Originally Posted by Laszlo

Yes!

Depositors will be okay.

But the FDIC is stuck with the soured morgage assets... and if they can sell them, they said this may exhaust what money is left in the FDIC insurance fund.

IndyMac took a huge chunk from FDIC, and they're also covering dozens, or not hundreds of small banks going under weekly.

Looks like the gov. better get that 150 billion to FDIC fast.

F'ing shame what's happening.

I've got one of those mortgage assets in that pool. Not subprime though so I think J.P. Morgan will pick it up. I'm hoping that I get a "Bank error in your favor pass go and collect $200" out of it.

[txusa03]

I have a checking with wamu and some very small CDs that will expire in like 8 months. Those cds and the checking should be ok correct? If not what can I do it is too late and no use to panic just hope JP Morg appreciate my long relationship with Wamu and look at my banking histories and take care of my accounts.

[akack79]

Originally Posted by txusa03

I have a checking with wamu and some very small CDs that will expire in like 8 months. Those cds and the checking should be ok correct? If not what can I do it is too late and no use to panic just hope JP Morg appreciate my long relationship with Wamu and look at my banking histories and take care of my accounts.

A quote from the below link "Your deposits at WaMu are now backed by the financial strength of Chase in addition to continuing to be insured by the FDIC."

A brief overall of the transition to JP Morgan Chase:

http://www.chase.com/welcomewamu/

[InS0mNiAc]

The only difference this morning when I logged into my account to check on it was a note that said "JP Morgan welcomes all Wamu customer"

Otherwise it's been business as usual....

[solefald]

I just logged into my account. Money still there, but a friend of mine called panicking saying he just heard on TV that WaMu customers pulled out over $60 billion dollars from their accounts over the past 24 hours. Not sure how correct that number is.

[stooken]

Originally Posted by solefald

I just logged into my account. Money still there, but a friend of mine called panicking saying he just heard on TV that WaMu customers pulled out over $60 billion dollars from their accounts over the past 24 hours. Not sure how correct that number is.

for the online bankers, you probably won't even know the difference. money is still there.

[cgnahc]

It would be nice to be associated with JP Morgan

[AdamJ]

Originally Posted by wj4

And I believe they can take up to 20 yrs to return the money.

That's a wives tail. On that note, with many other reputable financial institutions I would not risk even 5 figures at WaMu. As it stands, my finances are split between several domestic and off shore accounts.

[new2the3]

My CD with wamu should be fine but I had a question about my savings account. My wamu is at 4%, I see jp/chase savings account is .15%. Is it a matter of time before my account switches over?

[JBZ4]

Wachovia is now in play as we speak. Capitalism at it's finest!

[wj4]

I logged into my WaMu online banking and saw a link to this page, just thought I'd post it for those wondering about the current situation going on with WaMu/Chase.

http://www.chase.com/welcomewamu/

[Hawker 800XP]

Thanks, good find.

[cgnahc]

Wachovia with Citi
no over weekend holdings in fianancials...too many weekend dealings.