So that speculation play you made by buying up tons of WaMu stock in the past couple of weeks? You might want to sit down for this:
Washington Mutual 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 for $1.9 billion.
The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.
Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. Customers should expect business as usual on Friday, the FDIC said.
Yes. Business as usual, except for the riots at WaMu branches tomorrow morning.
Of course: the FDIC is going to be on this mother, and everybody’s deposits will be safeish. But you remember what happened at Indymac branches? Amateur hour.
[Addendum: from the FDIC press release: “For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks,” said FDIC Chairman Sheila C. Bair. “For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning.” No word on whether Ms. Bair said this while in a fetal crouch.]
FLYINGCHAINSAW • Harris-Kelly ’24 PERFECTION! Bumper Sticker: HARRIS GIVES GOOD GURNEY!
NOJO • Harris-Kelly ’24 I know, getting ahead of the game here — and Gabby has the only vote — but let’s go down…
FLYINGCHAINSAW • Campaign 2024 Update 2024 General Election = White Power Vs. White Genocide The MAGAs will soon be opening fire on…
NOJO • Campaign 2024 Update Whatever table it was, just remember you didn’t have a seat at it.
NOJO • A Nation of Immigrants @nojo: Okay, here’s a thought: They broke it, they bought it.
FLYINGCHAINSAW • A Nation of Immigrants https://gettr.com/post/p38v9kc47ae
NOJO • A Nation of Immigrants @nojo: No original thoughts about the Democratic circus right now, for example, other than christ,…
NOJO • A Nation of Immigrants @Burr Deming: I may be back more often if he’s back. Right now anything I might say is just…
¡ANDREW! • A Nation of Immigrants Start the deportations by sending terrorists and fascist traitors E-loon Mush, Peter Thief, and all…
BURR DEMING • A Nation of Immigrants An accurate representation of how today's Republicans see a Nation of Immigrants. Welcome back,…