Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Washington > Seattle area
 [Register]
Seattle area Seattle and King County Suburbs
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-25-2008, 09:36 PM
 
Location: Seattle Area
3,451 posts, read 7,054,063 times
Reputation: 3614

Advertisements

Just about an hour ago I read that JP Morgan Chase had bought most of WaMu, however the article did not say anything about the government seizing them.

Looks like there was more to the story than was initially reported.

nytimes.com|Government Seizes WaMu and Sells Some Assets

Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.
Reply With Quote Quick reply to this message

 
Old 09-25-2008, 09:46 PM
 
Location: Cosmic Consciousness
3,871 posts, read 17,101,509 times
Reputation: 2702
The relationship makes sense to me. JP Morgan has been a working partner (the only phrase I can think of quickly) for years. In fact, JP Morgan administers WaMu's pension plans.

Given JP Morgan's stability, this sounds like a good idea.

The NYT article says all WaMu depositors' accounts are protected up to $100,000 each. But "shareholders and some bondholders will be wiped out". Their words, not mine.

WaMu is "by far the biggest bank failure in history". Their words, not mine.
Reply With Quote Quick reply to this message
 
Old 09-25-2008, 10:02 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,830,626 times
Reputation: 6438
Well, they made history........

Seattle-based Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said. The nation's largest previous banking failure was Continental Illinois National Bank & Trust, which had $40 billion of assets when it collapsed in 1984.
Reply With Quote Quick reply to this message
 
Old 09-25-2008, 10:04 PM
 
Location: Seattle Area
3,451 posts, read 7,054,063 times
Reputation: 3614
I agree it does sound like a good idea...
Reply With Quote Quick reply to this message
 
Old 09-25-2008, 10:29 PM
 
2,300 posts, read 6,182,729 times
Reputation: 1744
I'm in Chicago, and am not happy about this. I left Chase for WaMu, which has been the best bank I've had. Now I need to start bank shopping again.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Washington > Seattle area
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 10:15 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top