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SHAUNV

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JPMorgan buys collapsed Washington Mutual: Account holders face no losses

News Type: Event — Seeded on Fri Sep 26, 2008 9:24 AM EDT
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JPMorgan Chase & Co. came to the rescue of ailing Washington Mutual on Thursday, buying the nation's largest thrift after WaMu was seized by the Federal Deposit Insurance Corp. (FDIC) in the largest bank failure in world history.

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{"commentId":3139416,"authorDomain":"SVForbes"}
ShaunV
Washington Mutual ran into trouble after it got caught up in the booming part of the mortgage business that made loans to people with bad credit, known as subprime borrowers.
{"commentId":3139416,"threadId":"369160","contentId":"1916443","authorDomain":"SVForbes"}
  • 4 votes
Reply#1 - Fri Sep 26, 2008 9:25 AM EDT
{"commentId":3150207,"authorDomain":"conservativevoice5000"}
conservativevoice5000

Shaun,

Thanks for the seed. I was wondering what was going on. I bank with WaMu, and I woke up to hearing on the TV in my room saying WaMu went bankrupt overnight. I was hoping I was dreaming, but alas, I was not. I was a little worried at first, as my hubby's paycheck gets direct deposited, and I had bills to pay, that the bank would be "shut-down" to business. Phew, sigh of relief, it is still "open for business".

So I guess the only question left to ask is, who's next?

{"commentId":3150207,"threadId":"369160","contentId":"1916443","authorDomain":"conservativevoice5000"}
  • 2 votes
#1.1 - Fri Sep 26, 2008 4:30 PM EDT
{"commentId":3184915,"authorDomain":"SVForbes"}
ShaunV
So I guess the only question left to ask is, who's next?

Good question.

I am betting things will be okay with your husband's check.

{"commentId":3184915,"threadId":"369160","contentId":"1916443","authorDomain":"SVForbes"}
  • 3 votes
#1.2 - Sun Sep 28, 2008 12:06 PM EDT
{"commentId":3189044,"authorDomain":"conservativevoice5000"}
conservativevoice5000

Of course everything was fine, just that initial, "Oh my Gosh!" is enough to make panic set in for a moment. I am kinda sad though, I like WaMu "Whoo Hoo"! :-) Their CEO commercials were kinda funny.

{"commentId":3189044,"threadId":"369160","contentId":"1916443","authorDomain":"conservativevoice5000"}
  • 2 votes
#1.3 - Sun Sep 28, 2008 5:07 PM EDT
{"commentId":3189193,"authorDomain":"PamelaDrew"}
Pamela Drew

So I guess the only question left to ask is, who's next?

We the taxpayers are next as the Rockefeller and Morgan heirs take what we have left.

{"commentId":3189193,"threadId":"369160","contentId":"1916443","authorDomain":"PamelaDrew"}
  • 2 votes
#1.4 - Sun Sep 28, 2008 5:18 PM EDT
{"commentId":3191443,"authorDomain":"kbd"}
dc_123
We the taxpayers are next as the Rockefeller and Morgan heirs take what we have left.

What a nonsensical rant!

{"commentId":3191443,"threadId":"369160","contentId":"1916443","authorDomain":"kbd"}
  • 1 vote
#1.5 - Sun Sep 28, 2008 8:40 PM EDT
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{"commentId":3185690,"authorDomain":"tcervo"}
gecko85

I'm a WaMu customer, and I was never worried. Not sure why, but I never even considered pulling my money out during all the talk of bankruptcy. I knew my money was insured, and I just didn't think it would ever get to the point where the bank was literally shuttered. Now that JP Morgan has taken over, it's business as usual.

{"commentId":3185690,"threadId":"369160","contentId":"1916443","authorDomain":"tcervo"}
  • 4 votes
Reply#2 - Sun Sep 28, 2008 1:01 PM EDT
{"commentId":3197240,"authorDomain":"SVForbes"}
ShaunV

Agreed, Gecko.

{"commentId":3197240,"threadId":"369160","contentId":"1916443","authorDomain":"SVForbes"}
  • 2 votes
#2.1 - Mon Sep 29, 2008 8:55 AM EDT
{"commentId":3199329,"authorDomain":"kbd"}
dc_123

yeah as long as you didn't exceed the insurance limits you were fine and did the right thing. why go through all the hassle of pulling your money out and opening a new account elsewhere, if you are covered.

{"commentId":3199329,"threadId":"369160","contentId":"1916443","authorDomain":"kbd"}
  • 4 votes
#2.2 - Mon Sep 29, 2008 10:38 AM EDT
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