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Thread: Washington Mutual Death Watch

  1. #1
    God/dess Deogol's Avatar
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    Default Washington Mutual Death Watch

    Maybe some nice Arab men will come in and buy some stock there too.

  2. #2
    Yekhefah
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    Default Re: Washington Mutual Death Watch

    Eh?

  3. #3
    Gypsy74
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    Default Re: Washington Mutual Death Watch

    what? i bank with Wamu... do tell.

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    Default Re: Washington Mutual Death Watch

    Uhm yeah... WTF?
    Quote Originally Posted by Jay12 View Post
    ^What Sophia said.
    Quote Originally Posted by yoda57us View Post
    I wish there was an "auto-like" setting that I could just have applied to all of your posts Sophia....

  5. #5
    God/dess Deogol's Avatar
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    Default Re: Washington Mutual Death Watch

    * Laying off 3,000 workers.

    * Setting aside $1,600,000,000.00 for loan losses.

    * Cutting it's dividend by 73%

    * Closing down close to 200 locations.

    * Trying to sell $2,500,000,000.00 in preferred stock.

    * Profitability not expected until 2010

  6. #6
    Yekhefah
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    Default Re: Washington Mutual Death Watch

    G-d dammit. I'm with WaMu and I love them. They're the only bank I know about that still gives a rat's ass about their customers. They better not go under.

  7. #7
    Gypsy74
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    Default Re: Washington Mutual Death Watch

    if they go under... does that mean we lose all the money we have in our savings account with them?? should I take it out and switch banks? I don't feel safe leaving my money in ANY bank--it's safer strapped to my ankle

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    Default Re: Washington Mutual Death Watch

    Quote Originally Posted by Gypsy74 View Post
    if they go under... does that mean we lose all the money we have in our savings account with them?? should I take it out and switch banks? I don't feel safe leaving my money in ANY bank--it's safer strapped to my ankle
    All of your money should be FDIC insured up to $100,000 dollars. It should be fine.

  9. #9
    AudreyLeigh
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    Default Re: Washington Mutual Death Watch

    If they go under does that mean I dont have to pay off my CC with them?!

  10. #10
    God/dess Deogol's Avatar
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    Default Re: Washington Mutual Death Watch

    Quote Originally Posted by AudreyLeigh View Post
    If they go under does that mean I dont have to pay off my CC with them?!
    Well, technically your cc is a bank asset the creditors (ie Gypsy74) is gonna want to cover their accounts. (Accounts are actually liabilities to banks.)

    Audrey - Gypsy.

    Gypsy - Audrey.

    Now play nice! Maybe Gypsy will accept a 40 cents on the dollar deal from Audrey?

    I doubt they are going to close their doors but things are going to change.

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    Default Re: Washington Mutual Death Watch

    They won't go under and no one will be pardoned of their consumer debt. Deogol, quit being a doucheroni!

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  12. #12
    AudreyLeigh
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    Default Re: Washington Mutual Death Watch

    Quote Originally Posted by Deogol View Post
    Well, technically your cc is a bank asset the creditors (ie Gypsy74) is gonna want to cover their accounts. (Accounts are actually liabilities to banks.)

    Audrey - Gypsy.

    Gypsy - Audrey.

    Now play nice! Maybe Gypsy will accept a 40 cents on the dollar deal from Audrey?

    I doubt they are going to close their doors but things are going to change.
    LOL. Well shit it was worth a try....

  13. #13
    Featured Member iambonbon05's Avatar
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    Default Re: Washington Mutual Death Watch

    Hm... I was gonna switch from bank of america to WaMu...
    Order Avon through my website!


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    Banned Melonie's Avatar
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    Default Re: Washington Mutual Death Watch

    Hm... I was gonna switch from bank of america to WaMu...
    I'll again post a now infamous observation which was discussed in older threads .... that the savings account / CD interest rates currently being paid by financial institutions is directly proportional to their degree of 'cash' shortage thus potential bankruptcy problems.

    FDIC insurance of course eliminates the direct 'risk' that depositors will lose money ... although it may take them a while to actually get their FDIC payoff. But FDIC insurance also creates a 'moral hazard' by effectively shifting the future burden of bad bank loans onto the US taxpayer, as well as allowing troubled banks to keep attracting new 'cash' deposits despite their balance sheets.


    Maybe some nice Arab men will come in and buy some stock there too.
    This deal is probably already in the works ! If this keeps up, pretty soon we'll have 'Jewish Bankers' on one side of Wall St and 'Arab Bankers' on the other side !

  15. #15
    Featured Member GnBeret's Avatar
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    Default Re: Washington Mutual Death Watch

    Quote Originally Posted by Melonie View Post
    FDIC insurance of course eliminates the direct 'risk' that depositors will lose money ... although it may take them a while to actually get their FDIC payoff.
    With the notable exception of a small handful of insured accounts that require some measure of 'verification' of ownership, etc., such that a couple of additional days are required for 'payoff' from FDIC, in the overwhelming majority of all bank failures that FDIC has overseen since its inception it has stepped in and closed the failing bank on a Friday and either had all accounts transferred into an FDIC 'receiver bank" or made the requisite 'payoffs' by COB of the following Monday.



    Quote Originally Posted by Melonie View Post
    But FDIC insurance also creates a 'moral hazard' by effectively shifting the future burden of bad bank loans onto the US taxpayer, as well as allowing troubled banks to keep attracting new 'cash' deposits despite their balance sheets.
    Although the FDIC is ultimately backed by the 'full faith and credit' of the U.S. government, short of a massive collapse exceeding its reserves the government, i.e., 'taxpayers,' never pay for anything. Instead, FDIC is literally 'insurance' financed through premiums paid by member banks - which, in turn, are assessed on the basis of the solvency and 'risk level' of said member banks.
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    Default Re: Washington Mutual Death Watch

    ^^^ your statements and observations are indeed true ... as of today. However, the same statements and observations could have been made about MBIA and AMBAC and MGIC 6 months ago ... but cannot be made today since insurance payout claim obligations are beginning to exceed the capitalization (i.e. 'reserves') of these private insurers. What happens when the insurer also goes bankrupt ?

    The major advantage of FDIC over private insurers is the ability to tap into other gov't agencies for behind the scenes assistance ... most notably the rapid arrangement and approval of the sale of bankrupt banks to other, more stable banks ... which allows the FDIC to 'roll over' its insured accounts to the new owner bank without having to actually make payouts.

    However, as bigger banks face increasing shortages of capital, and especially so as more and more commercial / construction loans start to go belly-up along with 'subprime' mortgage loans making the bankrupt bank's accounts and business connections less desireable, there are no future guarantees that a willing buyer for the bankrupt bank will step forward. When that day arrives, the FDIC will start having to pay off on insured accounts in the same manner as AMBAC, MBIA etc. If there are any major bank failures, FDIC will quickly deplete their reserves - which are notionally on the order of 1.5% of insured account balances, and de-facto on the order of 0.5% of insured account balances if only the FDIC's readily salable bonds are counted.

    From that point forward, the FDIC will have two choices. A. they can go to the US taxpayer for a replenishment of capital i.e. increasing taxes so that the additional tax revenues can be paid out to insured depositors in a timely manner. Or B. they can continue to collect FDIC premiums from surviving banks as their primary source of funds, and eventually pay off the FDIC depositors of failed banks over a period of years. Considering that the FDIC insures something like 3 trillion dollars worth of account balances, and considering that the FDIC's readily salable bonds have a face value on the order of 12.3 billion dollars (with total notional reserves valued at $44 billion) [2004 figures - sic], if say 10% of insured accounts should wind up in bankruptcy option A. would result in a need to raise 300 billion extra dollars from US taxpayers (= something like $5000 per taxpayer), and option B would require something like 14 years worth of FDIC insurance premium collections from the remaining 90% of banks before the insured depositors could begin to be paid off.

    you may want to have a look at
    Last edited by Melonie; 12-11-2007 at 04:51 PM.

  17. #17
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    Default Re: Washington Mutual Death Watch

    I just opened an account with WaMu today and I am very excited about it. The bank is directly across the street from where I live, too, so after a shift, I can just deposit my money in the night drop box, mosy on home, and the money will be in my checking account the next business day. The staff was very friendly and professional... even though I came in completely FUMED due to the BS I was dealing with with my Hawaii bank account. I closed the Hawaii bank account to bank with WAMU. They better not be going under!



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    Member SilverBullet's Avatar
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    Default Re: Washington Mutual Death Watch

    wamu is not going under. they are just making some cutbacks, but i think they will fine after some time passes

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    Default Re: Washington Mutual Death Watch

    ^^^ actually, much of WaMu's future depends on people like US ...

    How many people will let WaMu use their money in exchange for above market interest rates on CD's etc ?

    How many people who have 'trick' mortgages with WaMu will stay current with their payments ?

    Of course there are a lot of other variables too i.e. the resale market for WaMu's derivatives, payment demands from WaMu's mortgage bond owners, etc. For sure they are short of 'cash' otherwise they wouldn't be making these large cutbacks and they wouldn't be paying above market interest rates to attract new money.

    Of course WaMu may get 'rescued' by an Arabian Knight with a few billion dollars to spare a la Citibank !

  20. #20
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    Default Re: Washington Mutual Death Watch

    I'm loving this bank so far!



  21. #21
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    Default Re: Washington Mutual Death Watch

    I had problems with these creeps after they took over my mortgage, just before I paid it off.

    Lots of banks have problems that they put on themselves. They went nuts (unreasonably opportunistic IMO) during and after Reaganomics.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

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