RIP WaMu

Message

15QuestionsAway · #1 Post by **15QuestionsAway** » Thu Sep 25, 2008 8:28 pm

Formerly woo-hoo, now boo-hoo.

Here's the FDIC press release: http://www.fdic.gov/news/news/press/2008/pr08085.html

JP Morgan Chase gets it for a token payment. Should be business as usual if you have accounts there with less than $100k (the FDIC deposit limit per account).

On the other hand, if you're a shareholder, you're well and truly screwed.

PlacentiaSoccerMom · #2 Post by **PlacentiaSoccerMom** » Thu Sep 25, 2008 8:34 pm

Thank you for posting the press release.

15QuestionsAway · #3 Post by **15QuestionsAway** » Thu Sep 25, 2008 8:58 pm

PlacentiaSoccerMom wrote:Thank you for posting the press release.

I figured I'd go straight to the source. Less trouble that way!

BackInTex · #4 Post by **BackInTex** » Thu Sep 25, 2008 10:55 pm

So much for the free checking for life. Woo-Hoo!

TheConfessor · #5 Post by **TheConfessor** » Thu Sep 25, 2008 11:30 pm

BackInTex wrote:So much for the free checking for life. Woo-Hoo!

Didn't you read the fine print? It was free checking for the life of WaMu.

etaoin22 · #6 Post by **etaoin22** » Fri Sep 26, 2008 2:56 am

Wow.

Any main street firms as opposed to finance firms destroyed yet in this series of implosions?

I fear for Ford and GM. Rationally, or irrationally.

marrymeflyfree · #7 Post by **marrymeflyfree** » Fri Sep 26, 2008 3:31 am

Sucky for the shareholders and probably the employees too...but at least maybe it will save a few trees. I think NN and I both get credit card offers from WaMu at least 3-4 times a week. It's become the household joke that there is always one in the mailbox.

NellyLunatic1980 · #8 Post by **NellyLunatic1980** » Fri Sep 26, 2008 5:16 am

I can hear those stuffy bankers from the WaMu commercials now: "Madness!" "Preposterous!" "Mommy wouldn't have it!"

gsabc · #9 Post by **gsabc** » Fri Sep 26, 2008 6:47 am

etaoin22 wrote:Wow.

Any main street firms as opposed to finance firms destroyed yet in this series of implosions?

I fear for Ford and GM. Rationally, or irrationally.

GE just announced taking a hit because of its finance division. Not in trouble of going under, but their earnings and stock price are tumbling.

Ford and GM, and all car companies, have other problems. They won't be able to give SUVs away in another year.

#10 Post by **littlebeast13** » Fri Sep 26, 2008 7:09 am

I was just going through my old pics from my WWTBAM trip yesterday looking for stuff that was obsolete to make me feel old, and noticed one of the Times Square pics had a WaMu ad in it....

I don't think it was the same one with the billboard advertising the XFL....

lb13

PlacentiaSoccerMom · #11 Post by **PlacentiaSoccerMom** » Fri Sep 26, 2008 7:30 am

The Theater Boosters bank with WaMu and it's a very quirky bank. Rather than having traditional tellers behind a big wall, there are all these kiosks and the polo-shirt wearing tellers stand at kiosks.

They are all very nice, but the place doesn't seem to have the same gravitas as my own bank.

#12 Post by **eyégor** » Fri Sep 26, 2008 9:25 am

NellyLunatic1980 wrote:I can hear those stuffy bankers from the WaMu commercials now: "Madness!" "Preposterous!" "Mommy wouldn't have it!"

That herd of bankers doesn't look so stupid now, eh?

TheCalvinator24 · #13 Post by **TheCalvinator24** » Fri Sep 26, 2008 9:43 am

I'm thinking my brother might have left GMAC at the perfect time. He resigned from a position as an Executive VP with the Insurance Division a couple of weeks ago. He negotiated a nice severance package because they were already looking to save money with layoffs.

I know the current mess isn't related to Insurance, but GMAC is pretty heavily involved in the mortgage industry now, so I'm sure they are feeling some of the pinch.

Bob Juch · #14 Post by **Bob Juch** » Fri Sep 26, 2008 10:02 am

TheCalvinator24 wrote:I'm thinking my brother might have left GMAC at the perfect time. He resigned from a position as an Executive VP with the Insurance Division a couple of weeks ago. He negotiated a nice severance package because they were already looking to save money with layoffs.

I know the current mess isn't related to Insurance, but GMAC is pretty heavily involved in the mortgage industry now, so I'm sure they are feeling some of the pinch.

Sure it is, what do you call AIG?

Rexer25 · #15 Post by **Rexer25** » Fri Sep 26, 2008 10:29 am

I am going to make things worse this afternoon.

I will go to the closest WaMu branch and withdraw $20.00 so my kids can play games at our office's United Way carnival.

I am a bad financial citizen.

danielh41 · #16 Post by **danielh41** » Fri Sep 26, 2008 10:30 am

Rexer25 wrote:I am going to make things worse this afternoon.

I will go to the closest WaMu branch and withdraw $20.00 so my kids can play games at our office's United Way carnival.

I am a bad financial citizen.

Maybe George Bailey will be behind the counter there, trying to talk you down to a lower number...

Shade · #17 Post by **Shade** » Fri Sep 26, 2008 10:39 am

I heard about this, I didn't like their newest Woo-hoo campaign, it serves them right annoying me with dumb ads.

PlacentiaSoccerMom · #18 Post by **PlacentiaSoccerMom** » Fri Sep 26, 2008 11:57 am

Rexer25 wrote:I am going to make things worse this afternoon.

I will go to the closest WaMu branch and withdraw $20.00 so my kids can play games at our office's United Way carnival.

I am a bad financial citizen.

Don't be cheap, take out $30.

gotribego26 · #19 Post by **gotribego26** » Fri Sep 26, 2008 9:30 pm

TheCalvinator24 wrote:I'm thinking my brother might have left GMAC at the perfect time. He resigned from a position as an Executive VP with the Insurance Division a couple of weeks ago. He negotiated a nice severance package because they were already looking to save money with layoffs.

I know the current mess isn't related to Insurance, but GMAC is pretty heavily involved in the mortgage industry now, so I'm sure they are feeling some of the pinch.

Holy Scheeeet!!

I know your brother - I interviewed him for a job almost ten years ago - he recently contacted me when he left GMAC.

It's a small world.

TheCalvinator24 · #20 Post by **TheCalvinator24** » Fri Sep 26, 2008 9:39 pm

gotribego26 wrote:
TheCalvinator24 wrote:I'm thinking my brother might have left GMAC at the perfect time. He resigned from a position as an Executive VP with the Insurance Division a couple of weeks ago. He negotiated a nice severance package because they were already looking to save money with layoffs.

I know the current mess isn't related to Insurance, but GMAC is pretty heavily involved in the mortgage industry now, so I'm sure they are feeling some of the pinch.
Holy Scheeeet!!

I know your brother - I interviewed him for a job almost ten years ago - he recently contacted me when he left GMAC.

It's a small world.

Wow. So you never made the connection between our last names?

He was one of my PAF list.

gotribego26 · #21 Post by **gotribego26** » Fri Sep 26, 2008 9:48 pm

TheCalvinator24 wrote:
gotribego26 wrote:
TheCalvinator24 wrote:I'm thinking my brother might have left GMAC at the perfect time. He resigned from a position as an Executive VP with the Insurance Division a couple of weeks ago. He negotiated a nice severance package because they were already looking to save money with layoffs.

I know the current mess isn't related to Insurance, but GMAC is pretty heavily involved in the mortgage industry now, so I'm sure they are feeling some of the pinch.
Holy Scheeeet!!

I know your brother - I interviewed him for a job almost ten years ago - he recently contacted me when he left GMAC.

It's a small world.
Wow. So you never made the connection between our last names?

He was one of my PAF list.

Your show appearance was before I found the board - I don't recall details of your PaF list. it's not like you have an unusual last name.
And his first name is pretty common.

cindy.wellman · #22 Post by **cindy.wellman** » Sun Sep 28, 2008 10:37 pm

gotribego26 wrote:
TheCalvinator24 wrote:
gotribego26 wrote: Holy Scheeeet!!

I know your brother - I interviewed him for a job almost ten years ago - he recently contacted me when he left GMAC.

It's a small world.
Wow. So you never made the connection between our last names?

He was one of my PAF list.
Your show appearance was before I found the board - I don't recall details of your PaF list. it's not like you have an unusual last name.
And his first name is pretty common.

I like small world stories.