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Author Topic: JPMorgan Chase buys Washington Mutual  (Read 1701 times)

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Offline Duke Nukum

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JPMorgan Chase buys Washington Mutual
« on: September 25, 2008, 09:29:35 PM »
JPMorgan Chase buys Washington Mutual
The nation's largest thrift is seized by federal regulators and immediately sold.
By E. Scott Reckard and Tiffany Hsu, Los Angeles Times Staff Writer
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.

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Offline Duke Nukum

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Re: JPMorgan Chase buys Washington Mutual
« Reply #1 on: September 25, 2008, 09:31:58 PM »
Maybe I'm naive, well I am, but I didn't expect any more bank failures while Washington was pretending to solve the problem.  I've been busy today and didn't watch much news.
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Offline Rick

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Re: JPMorgan Chase buys Washington Mutual
« Reply #2 on: September 25, 2008, 09:44:35 PM »
Its the LAtimes drama queen. Negotiations have been going on about a week, and a sale was expected.
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Offline Duke Nukum

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Re: JPMorgan Chase buys Washington Mutual
« Reply #3 on: September 25, 2008, 09:50:42 PM »
Quote from: Ranger Rick on September 25, 2008, 09:44:35 PM
Its the LAtimes drama queen. Negotiations have been going on about a week, and a sale was expected.
Oh okay, thanks.  It's not just the LA Times though, AP is making it seem like regulators stepped in this afternoon and handed WM over to JPM and I'm wondering, "why doesn't this seem to be bigger news?"
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Offline SaintLouieWoman

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Re: JPMorgan Chase buys Washington Mutual
« Reply #4 on: September 25, 2008, 10:03:22 PM »
No wonder the JPM stock went up today. I'm glad I didn't dump my puny number of those stocks.
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Offline Zeus

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Re: JPMorgan Chase buys Washington Mutual
« Reply #5 on: September 25, 2008, 10:10:57 PM »
Interesting bit of History. About a decade or so ago JPmorgan bought up a big chunk of Chase Mannhatten. What JP didn't buy was bought by ............ WaMu.
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Offline Duke Nukum

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Re: JPMorgan Chase buys Washington Mutual
« Reply #6 on: September 25, 2008, 10:12:20 PM »
Here's a story from earlier in the day when WM was up based on the false optimism in thinking the government was riding in on white steeds:

washington Mutual shares jump more than 15%, sector lifted


Quote
By Greg Morcroft
Last update: 9:33 a.m. EDT Sept. 25, 2008
Comments: 3
NEW YORK (MarketWatch) -- Shares of Washington Mutual the nation's largest thrift, rose more than 15% on Thursday following a report that it is in talks with private equity firms about arranging a takeover of the company. That news, and a growing belief that Congress and the Bush administration will hammer out a deal to stabilize the financial system by buying up about $700 billion of soured assets, helped lift the broader sector as well. Washington Mutual shares rose 16%, to $2.62. The Financial Select Sector SPDR, an ETF that tracks the financial stocks in the S&P 500, added 0.4%.

But then it declined from there.  From this story it looks like the negotiations were only reported today.
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Offline Duke Nukum

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Re: JPMorgan Chase buys Washington Mutual
« Reply #7 on: September 25, 2008, 10:17:56 PM »
More:

Media leaks pushed US FDIC to find WaMu buyer--Bair

 WASHINGTON, Sept 25 (Reuters) - A top U.S. bank regulator said on Thursday her agency acted swiftly to find a buyer for struggling mortgage lender Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) to quell customer anxiety fueled by media leaks.

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Offline SSG Snuggle Bunny

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Re: JPMorgan Chase buys Washington Mutual
« Reply #8 on: September 25, 2008, 10:45:32 PM »
I have money in WaMu. Not worried though.

[youtube=425,350]MJJN9qwhkkE[/youtube]

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Offline jtyangel

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Re: JPMorgan Chase buys Washington Mutual
« Reply #9 on: September 26, 2008, 06:10:26 AM »
Nothing to see here...move along :lmao:
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Offline NHSparky

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Re: JPMorgan Chase buys Washington Mutual
« Reply #10 on: September 26, 2008, 09:30:31 AM »
Quote from: Duke Nukum on September 25, 2008, 09:31:58 PM
Maybe I'm naive, well I am, but I didn't expect any more bank failures while Washington was pretending to solve the problem.  I've been busy today and didn't watch much news.

Actually, WaMu has been on the verge of failure for months.  Maybe it's because they're booger-eating morons who give loans like THIS to a bunch of friggin crooks.

This is one case where I really don't feel all that sorry for Washington Mutual.
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Offline jukin

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Re: JPMorgan Chase buys Washington Mutual
« Reply #11 on: September 26, 2008, 11:10:05 AM »
Check out this video.  It takes ten minutes but is one of the best and most concise on the democrat party fingers in this meltdown.

<a href="http://www.youtube.com/watch?v=H5tZc8oH--o&eurl=http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/>

Community reinvestment act[/url]

Socialism just does not work.
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