The biggest bank failure in history:

[Aquila]

Biggest bank failure in history....

http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=JPMorgan+to+buy+WaMu+-+Sep.+25%2C+2008&expire=-1&urlID=31267029&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2008%2F09%2F25%2F news%2Fcompanies%2FJPM_WaMu%2Findex.htm%3Fpostvers ion%3D2008092519&partnerID=2200

I know they're saying we aren't going to see a depression. But I have an uneasy feeling that leaves me unconvinced. I pray they're right.

[Jack Shephard]

Biggest bank failure in history....

http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=JPMorgan+to+buy+WaMu+-+Sep.+25%2C+2008&expire=-1&urlID=31267029&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2008%2F09%2F25%2F news%2Fcompanies%2FJPM_WaMu%2Findex.htm%3Fpostvers ion%3D2008092519&partnerID=2200

I know they're saying we aren't going to see a depression. But I have an uneasy feeling that leaves me unconvinced. I pray they're right.

Yeah and my company Chase is the one that bought them

[Ferd]

Yeah and my company Chase is the one that bought them

Looks like we are now fellow customers. I went to bed banking at WAMU and woke up banking at JP Morgan/Chase.

[scotty]

That makes two of us,,,, dropped Chase and paid them off about a year ago and went to WaMu.... hmm think the Lord is telling me something ?\

But here is the question I'm watching all of this with. Are we slowly moving to just one or two major banks in the world ? (See where I may be going with this? just a thought. )

[Ferd]

That makes two of us,,,, dropped Chase and paid them off about a year ago and went to WaMu.... hmm think the Lord is telling me something ?\

But here is the question I'm watching all of this with. Are we slowly moving to just one or two major banks in the world ? (See where I may be going with this? just a thought. )

it would not suprise me one bit if the US Gov. decided to break some of these companies up.

when the dust settles, the question will be do we really want any more AIG's that are too big to fail?

[AmazingGrace]

My sister manages one of the larger Chase bank branches now and she said it is totally insane today with WAMU calls coming in with people just totally not understanding all of this.

[Jack Shephard]

That makes two of us,,,, dropped Chase and paid them off about a year ago and went to WaMu.... hmm think the Lord is telling me something ?\

But here is the question I'm watching all of this with. Are we slowly moving to just one or two major banks in the world ? (See where I may be going with this? just a thought. )

I was saying this to some friends last week. I had no clue that the purchase would actually go through. It was a rumor for a LONG time. I think that eventually if things keep going the way it is that the fed will take over all banks and our feds are owned by the UN and the UN owns half the world.

[scotty]

I was actually thinking more along the lines of a main central bank (end time side of my brain had a flag come up) seems if they take the bail out but then we still dump into reccession will that not mean (basicly) that the government owns the banks ?

[scotty]

Hey Hey AG... nice to see you !!

:hijacked

[Jack Shephard]

My sister manages one of the larger Chase bank branches now and she said it is totally insane today with WAMU calls coming in with people just totally not understanding all of this.

Right. All the branches will merge and accounts will merge, but things take time there is no quick fix. When Chase bought out Bank One it took a good long while to merge all the accounts. The home equity accounts which is what I do now took almost a year to convert all of them.

[AmazingGrace]

Hey Hey AG... nice to see you !!

:hijacked

Hey hey my buddy and friend and bus driver! HOW are thou?!?!:friend

[DividedThigh]

i am sure the shareholders at wamu are mad, they lost all equity, and chase made out like bandits, dt

[AmazingGrace]

Right. All the branches will merge and accounts will merge, but things take time there is no quick fix. When Chase bought out Bank One it took a good long while to merge all the accounts. The home equity accounts which is what I do now took almost a year to convert all of them.

Yea she said that was a mess!

[scotty]

I was saying this to some friends last week. I had no clue that the purchase would actually go through. It was a rumor for a LONG time. I think that eventually if things keep going the way it is that the fed will take over all banks and our feds are owned by the UN and the UN owns half the world.



Exactly

[scotty]

Hey hey my buddy and friend and bus driver! HOW are thou?!?!:friend


very good .. thanx for asking..

[Jack Shephard]

i am sure the shareholders at wamu are mad, they lost all equity, and chase made out like bandits, dt

Why would the share holders be mad? Cause the stock dropped? That has nothing to do with Chase.

[Ferd]

i am sure the shareholders at wamu are mad, they lost all equity, and chase made out like bandits, dt

if ever current events was a history lesson, these sure are.

Shareholders have been absent leaving the running of the business to the guys in the expensive suits.


Shareholders in ALL companies need to start acting like they OWN THE BUSINESSES THEY OWN.

(THAT INCLUDES ALL OF US WITH 401K'S)

[DividedThigh]

Why would the share holders be mad? Cause the stock dropped? That has nothing to do with Chase.

jt my friend , the wamu shareholders got notta out of the deal, they are mad, to say the least

[Pragmatist]

Looks like we are now fellow customers. I went to bed banking at WAMU and woke up banking at JP Morgan/Chase.

Me too. But I was quite pleased as they closed the WaMu branch in my town last year and I was having to drive a distance to make a deposit. Now I can go to the Chase branch that's nearby.:roseglasses

[DividedThigh]

that worked out good for you prag, lol

[Pragmatist]

that worked out good for you prag, lol

yeah, I'm thinking I shouldn't be quite so happy that my bank failed. :)

[DividedThigh]

lol. well chase picked them up for a song, the banking part wasnt the prob, the mortgage business was kaput, lol

[Jack Shephard]

lol. well chase picked them up for a song, the banking part wasnt the prob, the mortgage business was kaput, lol

right.

WAMU lost approximately 3.3 billion in the second quarter.

[Jack Shephard]

Did you all see that the CEO of WAMU Alan Fishman has only been on the job there for about 3 weeks and stands to make close to $18 Million as his compensation?

What a crazy amount of money for failing!

[Jack Shephard]

jt my friend , the wamu shareholders got notta out of the deal, they are mad, to say the least

Well they lost the money when the stocks fell and when we bought them out so I would bet they are PO'ed

[Ferd]

Did you all see that the CEO of WAMU Alan Fishman has only been on the job there for about 3 weeks and stands to make close to $18 Million as his compensation?

What a crazy amount of money for failing!

first of all, if he has only been there 3 months it isnt his failure.

second of all, the shareholders of WAMU ought to be trying to kill the board for agreeing to the deal.

[Jack Shephard]

first of all, if he has only been there 3 months it isnt his failure.

second of all, the shareholders of WAMU ought to be trying to kill the board for agreeing to the deal.

Doesn't matter. He was hired to save the company he didn't--it failed, he failed.

Shareholders have ownership but actually not alot of say it seems. When we bought Bear Stearns we agreed to 3 bucks a share or something the holders through a fit so we actually paid 10 bucks or something close. We didn't have to but we did. They cried loud, we listened and paid more. We could have ignored it and paid 3 a share.

[Ferd]

Doesn't matter. He was hired to save the company he didn't--it failed, he failed.

Shareholders have ownership but actually not alot of say it seems. When we bought Bear Stearns we agreed to 3 bucks a share or something the holders through a fit so we actually paid 10 bucks or something close. We didn't have to but we did. They cried loud, we listened and paid more. We could have ignored it and paid 3 a share.

my point here JT is that shareholders have own their gains and losses.

they have no power because they dont stand up.

[Jack Shephard]

my point here JT is that shareholders have own their gains and losses.

they have no power because they dont stand up.

right...I agree. Their voice is not loud enough. Often in business it is a good thing but sometimes it isn't.


have you read this??

http://seekingalpha.com/article/97556-jpmorgan-and-the-concentration-of-risk?source=yahoo

[U376977]

Now keep an eye on fifth third bank and Wachovia. They could be next.

[Ferd]

right...I agree. Their voice is not loud enough. Often in business it is a good thing but sometimes it isn't.


have you read this??

http://seekingalpha.com/article/97556-jpmorgan-and-the-concentration-of-risk?source=yahoo

nothing scares me anymore. things that can get worse probably will.

AND I expect the next congress to take a hard look at breaking up businesses that are too big to fail.

[Jack Shephard]

nothing scares me anymore. things that can get worse probably will.

AND I expect the next congress to take a hard look at breaking up businesses that are too big to fail.

Might as well. You know I was talking to a buddy of mine that it seems that everyone in congress/senate are so worried about the home and mortgage companies they are not talking about the deficit. It kinda makes me think that with the feds trying to do this bail out through various methods (probably some tax money)that it kinda seems like there is other money stashed somewhere else. Like I got 7 bucks I keep in my left pocket but I spent it. But all of a sudden I have 14 bucks in my right so I am safe. The deficit is a big deal but it seems that if both Dems and Reps can agree on something they are either strange bedfellows (they all stand to lose alot) or something else weird.

[Ferd]

Might as well. You know I was talking to a buddy of mine that it seems that everyone in congress/senate are so worried about the home and mortgage companies they are not talking about the deficit. It kinda makes me think that with the feds trying to do this bail out through various methods (probably some tax money)that it kinda seems like there is other money stashed somewhere else. Like I got 7 bucks I keep in my left pocket but I spent it. But all of a sudden I have 14 bucks in my right so I am safe. The deficit is a big deal but it seems that if both Dems and Reps can agree on something they are either strange bedfellows (they all stand to lose alot) or something else weird.

unfortunatley Congress has figured out that money is just paper. they can print more of it. the bailout as they are talking about it, will most likely make money for the government. they will buy these securities above market value but below actual value (this is because of strange mark to market rules) and then eventually they will sell those assets for a profit.

there is another shoe here. i forget exactly what its called but basically these hedge funds and banks have some kind of asset protection racket to the tune of 34 TRILLION dollars. if that bit goes south, nothing can be done.

mabye U2345783489057390485794875 can tell us what that is. he is...