WaMu is largest U.S. bank failure

WaMu is largest U.S. bank failure

There are 29 comments on the news.yahoo.com story from Sep 25, 2008, titled WaMu is largest U.S. bank failure . In it, news.yahoo.com reports that:

Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.

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Lance Winslow

Orinda, CA

#1 Sep 25, 2008
This was a forseeable outcome for WaMu.

Since: Apr 08

Location hidden

#2 Sep 25, 2008
Toltcha!

In 6 months no matter this 'spectale' crisis now festering in DC and Wall Street. 300 more failures of banks. Too many anywho, right?

What is JP Morgan but a Casino.
NY Dr Spock

Brooklyn, NY

#3 Sep 25, 2008
Last year I was in a Branch an an illegal alien was yelling to the Branch Officer in a heavy accent interest only interest only. I said to the manager "you're still writing those?) He replied yes that they had to help out the people. I turned to the teller who was assisting me and asked her if she owned any WAMU stock. I told her to sell it.

Since: May 08

La Jolla, CA

#4 Sep 25, 2008
Hang the CEO and board of directors, if found guilty of a crime involving malfeasance.
george is a girl

Brisbane, Australia

#5 Sep 25, 2008
Fornicate WAMU, glad to see them go down. Somebody was tapping into my accounts for $20 a month. I had them do investigations. They said they couldn't determine who it was. Then they fee-ed me on overdrafts because of that entity. They are out of business because they poopooed on their customers. Good riddance to more sheisters. But now JPM is taking them over. Take your money out and RUNNNNNNNNN as fast as you can. They are one the major puppetmasters in this whole financial doodoostorm. Well topix gave me a notice I had to edit out the "bad words" so that's why they have been pollyannized for all the little 8 year old kiddies that are taking a break from daddies porno and found themselves here.
info

Salt Lake City, UT

#6 Sep 25, 2008
And yet just a few days ago they were blasting us with 13 month CD's at 5%
Frank Miller

Dallas, TX

#7 Sep 25, 2008
This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.

Best,
Frank Miller
http://www.theoffshorebankaccount.com
Mr Ed the talking horse

AOL

#8 Sep 25, 2008
PEOPLE YOU NEED TO READ THIS, IT TELLS US WHAT THEY KNOW AND ARE NOT TELLING US. WE ARE BEING VICTIMIZED BY PURE EEEEEEEEVILLLLLLLLL!!!! From another posting on a financials blog:

Dave in Coral Springs - Thursday September 25, 2008 11:59AM EDT
I have been monitoring the Congressional Hearings on TARP and I am dismayed at the fact that a core issue is not being brought to light. I hope you can bear with the frustrated tone of my message and pass this information to the public before our government hands over $700 billion. The common person is hearing more and more about the bailout and not understanding where the pressure is coming from to the credit markets because everything else seems fine. Although there are many foreclosures the total value of the loans defaulting isn't a number that by itself should be able to affect our national financial system so adversely, that is, until the common person learns about the Credit Default Swaps (CDS) derivatives market which is the true culprit behind this economic crisis. The CDS market is controlled by roughly 15 banks and firms. Our banking system is essentially in an abysmal hole of debt that was created not by the loans and foreclosures themselves but because of the non regulated hedge bets placed by large investment firms and banks that have turned the American economy into a poster child for gamblers anonymous. The most infuriating part of this is that the "gamblers" owe big money and the other banks and firms they owe money to have enough financial power to hold the entire country ransom until their bets have been covered. This strategy is no more complicated than tactics used by terrorists and gangsters. The "fragility" of our current markets is no more than the effect of an economy held for ransom. The tighter these 15 banks squeeze credit funding, the more pressure there is for the US government to pass the TARP bail out. Instead of holding a gun to someone's head these 15 banks are wielding a financial weapon against the United States Government. Not many people know or understand these dynamics but the sheer terroristic quality of the situation is an affront to me as an American taxpayer. IF you are ever curious and want to check the "odds" at the bookie's just refer to the CDR Counterparty Risk Index, which tracks credit-default swaps on leading banks and brokerage firms. Go ahead and Google it. IF the voting public do not push our leaders to do what is in our interest more of this is sure to come in the future since the bailout is really just somebody "paying up" for our own protection. <<<end of his post>>>>

Thank you very much Dave for that enlightenment. PEOPLE REPOST THIS EVERYWHERE AND SPREAD THE WORD. GRILL YOUR CONGRESSPERSON ABOUT THIS. THE CAT IS OUT OF THE BAG. "WE THE PEOPLE" ARE BEING COMPLETELY BAMBOOZLED BY THOSE WE ELECTED THAT ALREADY KNOW ABOUT THIS. WE ARE BEING HELD HOSTAGE BY "CREATURES" EVERY BIT AS EEEEEEVVVILLLLL AS ADOLPH HITLER!!!!! WHOEVER THESE "CREATURES" ARE WE NEED TO TRACK THEM DOWN AND CUT THEM OUT OF THE WORLD SYSTEM. THEY ARE PURE CANCEROUS ROT!!!!!!
asian guy

Thailand

#9 Sep 25, 2008
the government (bush) should never have approved giving loans to illegal aliens.

think about it. where's the logic of giving a unsecured loan of up to a million dollars to someone who is not even a us citizen?

do you remember when all the banks were raving about how sound it was to provide a loan to an illegal?

it was not more than 4 years ago.

read...
http://www.businessweek.com/magazine/content/...

imagine all those american dollars scammed by illegal aliens, and getting the governmental approval to do so by bush.

it is enough to make one's blood boil.
asian guy

Thailand

#10 Sep 25, 2008
so, how was it done, you ask?

simple. with the help of a corrupted appraiser, and a corrupted real estate agent.

you have an illegal alien placing an offer on a house for 50% MORE than the actual appraised value of the house. taking the 50% profit, and leaving town.

an american citizen couldn't do this. but ahhhh an illegal alien - could.

remember as an illegal alien, you don't have to have any real ID to get a loan. a stolen identity could do it.

talk about the banks, and the government being brain dead.

if the government hasn't already done it, they should revoke the right for banks to provide loans to illegal aliens. it is not sound policy.

at least not for america and americans.
Mr Ed the talking horse

AOL

#13 Sep 26, 2008
probably shot the wad on derivatives (see post a few above)
Are you Crazy

El Cajon, CA

#14 Sep 26, 2008
I really liked Wamu! Now who is this morgan chase! I've tried to avoid any connection with those NY companies! Great! And what next, some money bags in India is going to buy out morgan chase? Hell, I may as well use the friendly little foreign bank down the street!

Forget that wells fargo, they charge for everything, probably even statements! Again, this is all the fault of the people who were supposed to be keeping watch over the US economy. Dumbass Pelosi, Crooked squeaky Harry Reid, stupid mouth Barney rubble Frank! and let me not forget the little puppet George Bush!
Are you Crazy

El Cajon, CA

#15 Sep 26, 2008
true conservative wrote:
The FED gave 400 billion dollars to citi bank, Morgan/Chase, and B of A on the pretence of bailing them out. B of A used the money to by Country Wide and others. Morgan/Chase used the money to by WaMu and others. Does anyone know what Citi Bank did with all their money?
These are the same principles the government uses! Shell games! Here let me put the dollar over here, but wait, did I now move it under that shell, Oh, it's your money, well I guess I must have spent it. It's now not under any of the shells, but paying the property tax for my mansion for the next 10 years!

Oh, you needed that for your payments to the government, well, I guess you'll have to go live in a cardboard box over by the welfare office! Good Luck, Nice doing business with your money! Hey congressman, can you send me another couple of trillion over here, I want some banks over in taiwan, and can't forget my little account over in jolly old england! Ciau!
yarassouloulah sy

Toms River, NJ

#16 Sep 26, 2008
thanks america
Jewkee

Piscataway, NJ

#17 Sep 26, 2008
There is a lot of racism making the rounds recently. Instead of "people who can't pay back their loans" people have been writing the following:

"Illegal Aliens" - what's the problem with a Mexican holding debt if he/she can pay it back?

"Minority" - see above, except substitute "black" for "Mexican"

The root cause was NOT Lending To Minorities, it was Lending To People Who Loaners Know Full Well They're Not Getting Their Money From The Loanees. Those unscrupulous loan sharks built up a Ponzi Scheme by doling out bad loans and then selling them off to the next person. Like classic Ponzi Schemes, each seller got money, and when "London Bridge fell down" on the last one, he/she was left holding bad debts and bankrupt.

BLAME THE LOAN SHARKS - NOT THE DEMS AND NOT THE MINORITIES!
Jewkee

Piscataway, NJ

#18 Sep 26, 2008
Are you Crazy wrote:
I really liked Wamu! Now who is this morgan chase! I've tried to avoid any connection with those NY companies! Great! And what next, some money bags in India is going to buy out morgan chase? Hell, I may as well use the friendly little foreign bank down the street!
Forget that wells fargo, they charge for everything, probably even statements! Again, this is all the fault of the people who were supposed to be keeping watch over the US economy. Dumbass Pelosi, Crooked squeaky Harry Reid, stupid mouth Barney rubble Frank! and let me not forget the little puppet George Bush!
Morgan Chase is an old and famous New York Bank, which has a reputation dating back to the famous tycoon J.P. Morgan. Now, while some old and famous NY companies have bitten the dust, others have a better reputation and long history. Viva New York!(oh yeah, and I like Wells Fargo for its exhibits)
Are you Crazy

El Cajon, CA

#19 Sep 26, 2008
Jewkee wrote:
<quoted text>
Morgan Chase is an old and famous New York Bank, which has a reputation dating back to the famous tycoon J.P. Morgan. Now, while some old and famous NY companies have bitten the dust, others have a better reputation and long history. Viva New York!(oh yeah, and I like Wells Fargo for its exhibits)
Well, I don't appreciate, that old famous tycoon's company! Who really owns chase now?

I don't bank for exhibits!
Are you Crazy

El Cajon, CA

#20 Sep 26, 2008
Jewkee wrote:
There is a lot of racism making the rounds recently. Instead of "people who can't pay back their loans" people have been writing the following:
"Illegal Aliens" - what's the problem with a Mexican holding debt if he/she can pay it back?
"Minority" - see above, except substitute "black" for "Mexican"
The root cause was NOT Lending To Minorities, it was Lending To People Who Loaners Know Full Well They're Not Getting Their Money From The Loanees. Those unscrupulous loan sharks built up a Ponzi Scheme by doling out bad loans and then selling them off to the next person. Like classic Ponzi Schemes, each seller got money, and when "London Bridge fell down" on the last one, he/she was left holding bad debts and bankrupt.
BLAME THE LOAN SHARKS - NOT THE DEMS AND NOT THE MINORITIES!
You know, you should keep to your own council! Quit trying to make people feel bad! Who made you king! oh wiseone NOT!
Wall St Deals

Slidell, LA

#22 Sep 26, 2008
Wall St can recover. Free enterprise at its best.

http://www.cafepress.com/figstreetstudio/1949...
veone

Brighton, MA

#24 Sep 26, 2008
i have been a customer of wamu for years and think theyre pretty good

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