WaMu Seized by FDIC CNBC Says

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J

jwmorrice

Gentleman by Profession
Jun 30, 2003
7,133
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In the laboratory.
The largest bank failure in history! Wow!! :eek:

jwm

http://www.bloomberg.com/apps/news?pid=20601087&sid=ai28jpSnP4IU&refer=home

WaMu Seized by FDIC, Deposits to Be Sold to JPMorgan, CNBC Says

By Jeran Wittenstein

Sept. 25 (Bloomberg) -- Washington Mutual Inc. was taken over by the Federal Deposit Insurance Corp. in the largest failure of any bank in history, CNBC reported, without citing anyone.

The FDIC will sell the bank's $130 billion deposit base to JPMorgan Chase & Co. for an undisclosed sum, CNBC said.

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net.
 
P

papasmerf

New member
Oct 22, 2002
26,520
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42.55.65N 78.43.73W
Wa Mu showed signs of trouble when it tried to go national via the net
 
C

crystalpalace

This was expected for quiet sometime. Idiots @ WaMu are still playing those cheesy ads on primetime at the cost of mere millions while going belly up...
 
R

RTRD

Registered User
Sep 26, 2003
6,003
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Confirmed....

http://www.latimes.com/business/la-fi-wamu26-2008sep26,1,7648045.story

JPMorgan Chase buys Washington Mutual



6:39 PM PDT, September 25, 2008

Washington Mutual Bank, the country's largest savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co., the New York banking giant that has long coveted the thrift's California and Florida branches.

With assets of $307 billion and deposits of $188 billion, Washington Mutual is the largest bank to fail in U.S. history.

Washington Mutual depositors won't lose access to any of their money, even if it wasn't fully insured, the Federal Deposit Insurance Corp. said.

"For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC Chairman Sheila C. Bair said. "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."

Washington Mutual, one of the country's largest mortgage lenders, was a victim of the housing downturn, recording $6.1 billion in losses in the nine months that ended June 30.


As news of the bank's deteriorating condition spread, nervous Washington Mutual depositors withdrew $16.5 billion of their money in the last 10 days, prompting the seizure by regulators.
 
U

Uzo

Member
Jul 30, 2002
551
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Zero faith in the stock market. Zero faith in the US gov't and their "bailout".

Screw the markets.

I love the backdoor deal...JPM gets BSC and now WM...lets see what the CEO's get as exit pay for the pain that common share holders get fucked with again...

Fuck.
 
L

Liber Pater

New member
Feb 27, 2007
496
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JPM is stealing WaMu. >5300 branches in 23 states - not buying debt or preferred shares

Mind you they are writing down the assets by 31B. But still 1.9 billion, with that branch network, JPM will be a cash generating machine in 5-10 years.
 
C

ClassAct

Member
Nov 13, 2003
309
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JPM is slowly becoming the ELITE financial institution of the 21st century. In the course of 6 months, they have (1) aquired one of the America's oldest investment banks, (2) aquired one of the largest retail banks in the world. And in each case, they completed the transaction for what amounts to pennies on the dollar, with virtually no risk. The CEO of JPM must be the most savvy deal maker on the planet.
 
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