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Thread: Wamu Bankrupt!!! Closing Doors!!!

  1. #26
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by CFMNH44 View Post
    Michele McPhee "Broke the news" last night on Boston's 96.9 WTKK. She called them her "Mortgage company from hell", which does not even beging to describe my dealings with them! All the CEOs made millions last year, and are going bankrupt this year - I don't know what pi$$es me off more - the fact that they are getting away with it, or that I didn't do it also... Here's what 'our CEOs' made last year:

    http://www.bizjournals.com/boston/st...=et54&ana=e_du

    Sorry, didn't mean to threadjack, but this really gets me going...
    Why don't you become the CEO and earn the same millions?

  2. #27
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by Yekhefah View Post
    Word. If you're such a "top earner" and you make as much money as you say you do, there's no reason you should overdraft so often. Keep enough in your account to cover your purchases and you won't have to pay so many overdraft fees.

    But I suppose that might be a bit too much responsibility for you to handle.

    And BTW, if you're so concerned about your credit that you won't break a lease to get out of town and save your own life, then I have to remind you of that all these overdrafts and just leaving a negative bank balance unpaid won't be good for your credit either.
    And the other thread about having thousands and wanting a high interest account. Ah man.

  3. #28
    Banned demonika's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by AudreyLeigh View Post
    And the other thread about having thousands and wanting a high interest account. Ah man.
    that was me and no...i wanted a high interest account. we are not investing our "thousands" through a high interest account. didn't even specify the amount of money we have to put into savings/that we are saving bc that is a little tacky. we are moving to europe anyway so we will invest over there, as well as here. It is better for us that way anyway.

    i am not stupid enough to think that a 4.65% interest is the most amazing thing on the planet. thanks for your concern though.

  4. #29
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    No, it wasn't you. It was her... unless you're Keira.....

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    Banned demonika's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    ok. i was like WTF??!! i woke up a bit defensive, apparently.

  6. #31
    AudreyLeigh
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by demonika View Post
    ok. i was like WTF??!! i woke up a bit defensive, apparently.
    S'ok. Happens to us all at one time or another.

  7. #32
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    (snip)"Synopsis of JPMorgan conference call

    The deal is immediately accretive and the accretion will grow over time.
    JPM has not built in lots of revenue growth or synergies.
    JPM is offering $8 billion of common stock to maintain balance sheet and capital ratios at reasonable levels.
    This is the most important part: they are buying the bank, not the holding company. That means they are not buying unsecured preferred debt (ouch).
    Their competitive bid was for $1.9 billion, an incredibly low sum for hundreds of billions in assets and is reflective of the massive writedowns they have to take.
    The transaction closes immediately. They already own the business. That's how deals function in crisis!
    JPM says they love the branch business. It helps consumer business and small business as well as private clients. (Of course they love the deposit-taking business, it means they are less vulnerable to the inter-bank market.)
    After the deal JPM will have 5400 branches and $900 billion in deposits, increasing number of deposits from retail.
    They pick up the entire West Coast and get 250 branches in Florida. They believe this makes the deal a "unique opportunity."
    The deal also makes JPM even stronger in their home markets, as Washington Mutual expanded into the Tri-State area with its 2001 acquisition of Dime Bancorp.
    This deal has been in the works for a while because they have a detailed presentation which I have linked to at the bottom of this post.
    Mortgages: $1.4 trillion in combined mortgages - that's huge.
    There are not huge synergies assumed into the deal to make the numbers here. JPM will close less than 10% of their combined branches and look to relocate displaced workers.
    They will exit all non-branch based retail lending.
    They will rebrand branches, so the Washington Mutual name is history.
    They are marking down assets on WaMu's loan portfolios by $31 BILLION. That's huge. (See page 17 of the presentation below). Again, JPM is taking a huge $31 BLLION writedown on assuming WaMu's liabilities. WOW!
    They have really been doing their due diligence and have pored over WaMu's docs.
    They are also making some pretty dire assumptions in this deal regarding downside in house prices and unemployment. (see page 16).
    Tier 1 capital ratio goes down from 9.2 to 8.3%. That's why they are raising capital.
    These guys are good. JPMorgan is cleaning up here. These numbers sound great.
    Conference Call Q&A

    Slides 18 and 19's pro forma numbers include the $8 billion share sale.
    Litigation exposure: JPM is NOT taking over the holding company so any liability related to the assets themselves moves to JPM. But the other liabilities remain with the holding company, which is effectively bankrupt. "(snip)


    this article also raises a VERY important new point ...

    (snip)"This deal leaves us with three enormous banks dominating the US banking landscape in JPMorgan Chase, Bank of America (BAC), and Citigroup (C). (snip)

  8. #33
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by xanfiles1 View Post
    Why don't you become the CEO and earn the same millions?
    Not just CEOs, lots of twenty-something mortgage brokers made millions signing up anyone with a pulse, falsifying incomes, etc., to supply the large investment firms with the 'bundled' investment vehicles. Many of us have the sales skills to be able to do that job. They 'suspended their ethics' (or never had them) for a couple years, made a few million and now are likely quite comfortable. They, like the CEOs with their second homes in Aspen, likely are laughing at the rest of us working stiffs...

  9. #34
    Veteran Member Rockell's Avatar
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by CFMNH44 View Post
    Not just CEOs, lots of twenty-something mortgage brokers made millions signing up anyone with a pulse, falsifying incomes, etc., to supply the large investment firms with the 'bundled' investment vehicles. Many of us have the sales skills to be able to do that job. They 'suspended their ethics' (or never had them) for a couple years, made a few million and now are likely quite comfortable. They, like the CEOs with their second homes in Aspen, likely are laughing at the rest of us working stiffs...
    Good point. My ex boyfriend has been a mortgage broker for the past 5 years, and even I knew that the loans he was making for people were questionable. He got a loan for my friend on a $165,000 home with no documentation (she is a dancer but hasn't reported income for like 10 years) of income, not a dime in the bank, and a credit score of like 530!!! Even I knew that he was making loans to people that had no business getting one!! He didn't care either, because he was making a fat commission on each loan whether or not the owner was foreclosed on at some point down the road (which she was in May).

  10. #35
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by CFMNH44 View Post
    Not just CEOs, lots of twenty-something mortgage brokers made millions signing up anyone with a pulse, falsifying incomes, etc., to supply the large investment firms with the 'bundled' investment vehicles. Many of us have the sales skills to be able to do that job. They 'suspended their ethics' (or never had them) for a couple years, made a few million and now are likely quite comfortable. They, like the CEOs with their second homes in Aspen, likely are laughing at the rest of us working stiffs...
    Back to the question again.

    If becoming the CEO is such a profitable endeavor, Why don't you become a CEO?

    PS: There are plenty of CEOs who have come from a poor/difficult background. So, there is no excuse for not becoming one

  11. #36
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    Default Re: Wamu Bankrupt!!! Closing Doors!!!

    Quote Originally Posted by xanfiles1 View Post
    Back to the question again.

    If becoming the CEO is such a profitable endeavor, Why don't you become a CEO?

    PS: There are plenty of CEOs who have come from a poor/difficult background. So, there is no excuse for not becoming one
    Lots of reasons, but CEO was never really on my radar screen. I left the ‘Corporate America career track’ awhile ago, much for the same reason that as much as I’d love to be a fighter pilot, I could never put up with the required BS to get there – at least not without feeling like I sold my soul… Well that and the fact that sales and marketing is what excite me, so that’s as far as I wanted to go. Maybe because I consider it real work to make sales and generate revenue for a company that then needs to employ people to make the product. Maybe because it’s my ‘comfort zone’ – a way to make the most for the least effort legitimately. The current crop of CEOs that got rich while destroying their company makes me wonder what their values are. Maybe I’m just old fashioned...

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