largest bank failure in U.S. history http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503710.html?nav=hcmodule 1.9 billion? I wish I had save up some dough. It's pretty clear that not everyone is having a bad day. Now that WaMu is wiped, will that reduce the cost of the bailout? Or could JP Morgan turn right back and sell the most toxic "assets" back to the taxpayers?
they are open for business. your money is safe and you can do whatever you want with your money. this part of the article should have bolded too.
I heard that Wamu had over 300 Billion yes Billion in assets... And the feds sold them off for 1.9? LOL I wonder who got a steal.
How funny - I got an email last night at 10:44 from WaMu. The subject line read: "WaMu News | The holidays start today." Didn't they get the memo?
So now chase is my bank, any feedback??? So who is the next bank to be bought out or seized by the Gov.?
I wonder how many more banks will need to fail before the skeptics believe that this will cause banks to fail. Thus far we lost all five american investment banks, the world's largest insurer, the largest S&L and now Wachovia. We're running out of things to lose.
The question is whats next and who will benefit from the bailout and the consolidation of the banking/investment banking industry? The primary answer is those that have already substantially marked down assets like Citigroup, UBS, JPMorgan and Bank of America. Who's in danger? Banks that had toxic portfolios yet had not as aggressively marked down their portfolio. Wachovia is actually one of those plus their exit from the wholesale mortgage business a few months back probably limited their ability to mix in good new mortgages with their crappy ones thereby skewing their quality.