U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
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)
Reply Start New Thread
 
Old 09-25-2008, 06:07 PM
 
Location: Seattle, WA
209 posts, read 554,069 times
Reputation: 87

Advertisements

Well this has been rumored for some days now and it has now been completed. With their deposits 3 times the FDIC’s balance sheet, this was something that was going to happen.

JPMorgan Chase will acquire the deposits of Washington Mutual, CNBC has learned. The deal is expected to be announced during a Thursday night conference call at 9:15 p.m. ET( or via live audio webcast at www.jpmorganchase.com). This deal will mark the end of independence for what once was the largest U.S. thrift.

JPMorgan acquires Washington Mutual’s (WaMu) Bank Deposits

Last edited by Waterlily; 09-25-2008 at 08:37 PM.. Reason: no phone numbers please
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-25-2008, 06:39 PM
 
130 posts, read 414,234 times
Reputation: 63
Thanks for the update. I've been awaiting this posting for weeks.... Looks like I have a new bank...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 06:45 PM
 
19 posts, read 181,695 times
Reputation: 24
This was totally expected. I'm just wondering why they didn't take on their loan portfolio . Just kidding - we all know why... Really bad loans, they did a ton of really bad loans.

Hey guys - this is where your bailout money is going to go; not BofA.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 06:51 PM
 
Location: Seattle, WA
209 posts, read 554,069 times
Reputation: 87
I will be listening to the conference call to hear what they say.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 06:53 PM
 
Location: Olympus Mons, Mars
6,671 posts, read 9,428,811 times
Reputation: 7254
Yep, FDIC has seized WaMu... it is over for this bank. I think this was a good move on the FDIC's part to proactively do this rather than allow the situation to collapse!

FDIC to Seize WaMu and Sell Deposits to JPMorgan - Financials * US * News * Story - CNBC.com (http://www.cnbc.com/id/26893741 - broken link)
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 08:04 PM
 
Location: San Diego
940 posts, read 2,924,426 times
Reputation: 451
Default BREAKING NEWS: FDIC seizes WaMu after JPMorgan bails them out?

huh? what's going on?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 08:17 PM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,359,941 times
Reputation: 379
Quote:
Originally Posted by SouthCali4LifeSD View Post
huh? what's going on?
JPMorgan Chase bought out WaMu tonight. JP is stable, for now, don't panic. Everyone's money in WaMu is still there. There's another thread concerning this.

//www.city-data.com/forum/business-finance-investing/443731-wamu-purchased.html
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 08:35 PM
 
Location: TX
740 posts, read 1,889,427 times
Reputation: 295
Default JP Morgan vs. WaMu

What do customers of the former WaMu be expecting from their new owner? How is it different, for better or for worse, from WaMu? (p.s. My only experience is them is with Chase's United Mileage program.)
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 08:53 PM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,359,941 times
Reputation: 379
Quote:
Originally Posted by phoenix_talons View Post
What do customers of the former WaMu be expecting from their new owner? How is it different, for better or for worse, from WaMu? (p.s. My only experience is them is with Chase's United Mileage program.)
JPMorgan Chase just switched to commercial banking, to stabilize themselves. JPMC is one of the few giant investment banks that survived last week, if that tells ya anything. I have a 401k with them, I'm letting it ride through this mess, and it's still stable.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-25-2008, 08:59 PM
 
Location: San Diego CA
1,029 posts, read 2,170,490 times
Reputation: 608
I am very pleased to hear this news. There is a new WAMU branch that is opening soon in my area. I am going to be a Chase Customer!~

~ Whoo Hoo
Rate this post positively 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:

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 > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, 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