WaMu goes broke: Biggest bank so far

[refined silver]

http://biz.yahoo.com/ap/080925/washington_mutual_future.html

Another one bites the dust.

This is only just getting started.

JPM the Feds vacuum cleaner. (with private access to unlimited Fed funds of course)

 

[refined silver]

Re: WaMu goes broke. Biggest bank so far.

JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market.

from the same link

 

[refined silver]

Re: WaMu goes broke. Biggest bank so far.

The government measures bank failures by an institutions's assets; Seattle-based WaMu has roughly $310 billion in assets.

The previous record was the failure of Continental Illinois National Bank in 1984, with $40 billion in assets when it closed.

IndyMac, seized in July, had $32 billion.

So its only 8 times bigger than the previous biggest bank failure.

Its also 10 times bigger than IndyMac which depleted the FDIC (Fed Deposit Insurance Co). But the FIDC its no problem now! (Because what they don't say is the Fed through JPM will pump money in directly, rather than through the FIDC which is already virtually empty.

C'mon, move along people. Nothing to see here....

 

[prawn_86]

Yeh if you want job security in the idustry make sure your working for JP. They are assured they wont go under and everyone lose their jobs

 

[gfresh]

So how much of the supposed $700M injection does that deplete?

Wouldn't Mr Morgan be so proud right now.. still owning nearly everything in America nearly a century after this death.

 

[prawn_86]

Wouldn't Mr Morgan be so proud right now.. still owning nearly everything in America nearly a century after this death.

Yeh man, that is a true family dynasty.

According to the conspiracy theorists its all part of the continual pooling of wealth to the select few to help create a New World Order...

Either that or they just love business and have friends in the right places. Neither would surprise me.

 

[pepperoni]

All very quiet in the press.

Ill bet the failure will be glossed over in favor of the takeover.

And Ill bet the takeover is orchestrated and made possible by US gov.

 

[Glen48]

Might buy shares in polish Company as all the ex bankers get their CV's out to give it a rub up, but then again if you were an ex Lehman banker would you tell any one?
This will help the boys looking for Stop Go sign operators.

 

[lusk]

So how much of the supposed $700M injection does that deplete?

Wouldn't Mr Morgan be so proud right now.. still owning nearly everything in America nearly a century after this death.

I wonder if anyone in the family benefit's at all, the Rothschild's and Rockefeller's are still around and in high places.

 

[chops_a_must]

Evil shorters.

Making companies run out of money.

 

[kenny]

Evil shorters.

Making companies run out of money.

Makes me wonder if these "evil shorters" would be quite as effective if the companies' shares weren't being used as collateral for margin loans etc.

Greed & Risk. Gotta keep'em both under control.

Cheers,

Kenny