Two more banks go down...will this affect SA? (Howe: loans, severance)

[firstclassflyer]

AIG most likely going down as well. Although not a bank (insurance), they are an important cog in our financial system and HUGE.

[wCat]

Originally Posted by firstclassflyer

BOFA buying Merrill ...and Lehman at imminent Bankruptcy....and the beat goes on...should be a wild one on Wall Street tomorrow.

It's "tomorrow"....and you're right!

[firstclassflyer]

Wow...a bailout for AIG now!!! This stinks.


(Reuters) - The Federal Reserve will provide a roughly $85 billion bridge loan to AIG (AIG.N) and take a nearly 80 percent stake in the company, according to a source briefed on the matter.

CNBC earlier reported the bridge loan would be secured and that shareholders would be severely diluted by the bailout.

Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and others were involved in the talks, CNBC said, adding that the bailout plan being negotiated "isn't a conservatorship."

[firstclassflyer]

Next up....WAMU.

[Love2begreen]

Originally Posted by firstclassflyer

Next up....WAMU.

right on.
In fact, I wrapped up all my WaMu biz today.

[firstclassflyer]

Article to back up (mostly) what I posted earlier in the thread.



WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.

The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.

Federal bank insurance fund dwindling - Yahoo! News (http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety - broken link)

[firstclassflyer]

ANOTHER ONE BITES THE DUST:::


JPMorgan Chase buys WaMu assets after FDIC seizure

By MARCY GORDON, SARA LEPRO and MADLEN READ, AP Business Writers 11 minutes ago

NEW YORK - JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market.

JPMorgan Chase buys WaMu assets after FDIC seizure - Yahoo! News (http://news.yahoo.com/s/ap/washington_mutual_future - broken link)


Next up???

[Mister]

I've hated driving 7 miles to my nearest WaMu branch and I've been eying the new Chase branch at Evans & Stone Oak. Opening a new account is always such a hassle, but it looks like someone is going to do the paperwork for me

I just logged on and made my mortgage payment just in case.

[Steel Man]

Here I go again with Chase...here is how it all started.

First I had a Shell credit card sponsored by Chase. I closed it when the interest went up. Then my Bank One credit card became a Chase credit card when they were bought out by Chase. Our car loan with Bank One also became a Chase car loan. Now my WaMu only other credit card is going to become...yep, you guessed it...a chase credit card. Why don't I just tattoo "Chase Owns Me" on my forehead?

[firstclassflyer]

You are OWNED! By Chase.

I see that this is starting to hit home now, as several of you have already posted that you had accounts, credit cards, mortgage with WAMU. I have the feeling that a lot of SA folks have their assets with several credit unions. We haven't seen any local credit union failures, yet. CU's can and do fail (even if they are minimally exposed to the subprime mortgage issue)...just hope for SA folks that no local credit unions go down.