Did WaMu Get Sold?

[MrChug]

Did it happen or is it spec?

(posted in Political forum-move/delete if necessary)

[pkbpkb81]

just spec at this time but it dose look like chase will be buying them

[RandomGuy]

Wamu has had some things happen to it that indicate some regulatory concerns. Regulatory concerns being code words for running out of capital reserves.

[RandomGuy]

just spec at this time but it dose look like chase will be buying them


Yup, this seems to be the consensus, based on what I have read.

Forgot to answer the OP.

[Heath Ledger]

Im watching daily i have my business acount, i have read there are at least two or three suitors interested in gobblig up wamu.

[RandomGuy]

too late, they're DEAD.

Seized and assets sold to JP Morgan.

http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news

[BruceBowenFan]

damn that sucks i have a checking account with wamu. anything about closing the existing wamu banks?

[Heath Ledger]

you will be fine, you can access your money and maintain your account without fear of losing you rmoney.

[BruceBowenFan]

sweet thanks for the answer

[DannyT]

let me check for you whats that account number again...

[SpursWoman]

I like my WaMu checking ... Chase sucks in comparison. :(

[SpursWoman]

FYI, how takeover will affect WaMu customers:

http://www.latimes.com/business/la-fi-wamuqanda26-2008sep26,0,7575740.story

How takeover of Washington Mutual will affect customers




For now, the changeover doesn't alter how you conduct business with WaMu!

By Andrea Chang, Los Angeles Times Staff Writer
September 26, 2008

Federal regulators are hoping for a seamless transition after seizing money-losing Washington Mutual Bank and selling it immediately to JPMorgan Chase & Co. late Thursday. They want WaMu customers to know it's business as usual today.

Here are some questions you may have about your accounts at WaMu:



What will happen to my account?

All deposit accounts, which include checking, savings, money market, retirement and certificates of deposit, have been transferred to JPMorgan Chase, regardless of the dollar amount. No one lost any money that was deposited in WaMu.

Will I have immediate access to my money?


Depositors won't lose access to any of their money, even if it wasn't fully insured.

Will my ATM card still work? Can I write checks as usual?

Yes.

Will branches be open today?

Bank branches were to open today as usual. Eventually, the branches will be rebranded as Chase.

I have checks deposited directly into my WaMu account. What happens now?

Direct deposits will continue as usual, including Social Security checks.

What about my loan or mortgage with WaMu?

All mortgages and loans have been assumed by JPMorgan Chase. Your payment amount and due date are the same. Continue to make your checks out to Washington Mutual Bank and send your payments to the same address you have been using. If you are having your payment taken out of your account, it will continue to be taken out.

Will the bank continue to pay the same interest rates on deposits?

All interest on deposits accrued through Thursday will be paid at the same rate. JPMorgan Chase will review rates and will announce any changes soon.

I already have other deposit accounts with JPMorgan Chase. When combined with my balances at WaMu, my deposits exceed $100,000. Are all funds insured?

The accounts transferred to JPMorgan Chase will be separately insured for at least six months after the takeover. This grace period gives a depositor the opportunity to restructure the accounts, if necessary, so that they stay fully insured.

If you have certificates of deposit that mature more than six months from now, they will be separately insured until then.

I'm a WaMu shareholder. How does the takeover affect me?

Shareholders have a claim against the receivership; they have the lowest priority, however. You should discuss this with an accountant or the Internal Revenue Service concerning the requirements for recognizing the investment as a loss for tax purposes.

[KEDA]

I wonder how many jobs this is going to effect, San Antonio has quite a few WaMu employees here. It would be quite a blow to the local economy if they were all told to GTFO.

[Clandestino]

great lesson to everyone. when you have a bank giving away free shit and usually having the highest interest rates.... shit is going wrong...

[SpursWoman]

I wonder how many jobs this is going to effect, San Antonio has quite a few WaMu employees here. It would be quite a blow to the local economy if they were all told to GTFO.


Some branches may stay open and be renamed ... some, as most likely in my SIL's case, will be closed because there's already a Chase right across the street. :(

[CubanMustGo]

Crap like this is why I do all my business at a credit union, including our recent new home mortgage. They don't resell notes, they don't try and make a profit for the benefit of the assholes at the top, they only worry about serving their members.

[phyzik]

Im glad I got out of working for them when I did (about a year ago). Rumors where going around for like 2 years that Chase was going to purchase them.

Im trying to get a hold of a friend who still works there to see if he knows whats going on.

[Shelly]

Hmm...I have JPM and it's still worth more than what I paid for it back in '04. Right now it's up 1.04%

[Shelly]

Now it's up 2.42%. I approve of this buyout! :tu

But in all seriousness, SW, I hope your SIL is either able to stay with them or find a new job quickly.

[pkbpkb81]

I wonder how many jobs this is going to effect, San Antonio has quite a few WaMu employees here. It would be quite a blow to the local economy if they were all told to GTFO.

the main jobs in trouble will be at the call center on stone oak becuse chase already has a call center over by sea world so in like a year the wamu people in the stone oak center will be looking for a new job there are a couple tyhousaned people that work there

[I Love Me Some Me]

the main jobs in trouble will be at the call center on stone oak becuse chase already has a call center over by sea world so in like a year the wamu people in the stone oak center will be looking for a new job there are a couple tyhousaned people that work there

Wrong.

WaMu corporate will be wiped out. Chase has already confirmed that they are going to close 10% of WaMu branches, which means a good number of branch employees are at risk.

WaMu still has a broad customer base, and those customers still need to be served, even after they are transitioned to Chase. I would say that the call center employees are safer than anyone else in the company right now. People in redundant roles (HR, IT, Corporate...) those are the ones at immediate risk.

Chase can clearly make use of both facilities in San Antonio, using one for credit cards and/or mortgage, and the other for retail bank operations. They are going to need people to service their customers (new and old) and keep onboard the ones who are already trained and experienced in doing that.

[pkbpkb81]

Wrong.

WaMu corporate will be wiped out. Chase has already confirmed that they are going to close 10% of WaMu branches, which means a good number of branch employees are at risk.

WaMu still has a broad customer base, and those customers still need to be served, even after they are transitioned to Chase. I would say that the call center employees are safer than anyone else in the company right now. People in redundant roles (HR, IT, Corporate...) those are the ones at immediate risk.

Chase can clearly make use of both facilities in San Antonio, using one for credit cards and/or mortgage, and the other for retail bank operations. They are going to need people to service their customers (new and old) and keep onboard the ones who are already trained and experienced in doing that.

i hope your right my wife works there

[T Park]

Always seemed like they were a well run company.

Guess I haven't paid attention to the business and bank sector as well as I thought I did.

[Many PackYao]

Wham!! Ooooh!!:lol

[SpursWoman]

Yeah, it's hilarious that a couple of thousand people are going to lose their job.

[pkbpkb81]

Wham!! Ooooh!!:lol

wow your an ass

[Many PackYao]

Yeah, it's hilarious that a couple of thousand people are going to lose their job.That part of it sucks, everybody goes through it. But,can't they collect unemployment while they apply for jobs at all the other banks?

[SpursWoman]

Omg.

[T Park]

That part of it sucks, everybody goes through it. But,can't they collect unemployment while they apply for jobs at all the other banks?

Yeah what the hell, more sucking off the taxpayers.

GREAT IDEA!!!

[Many PackYao]

Yeah what the hell, more sucking off the taxpayers.

GREAT IDEA!!!
Well, do they have choice?It's either that or starve while they're job hunting.

[SpursWoman]

Yeah what the hell, more sucking off the taxpayers.

GREAT IDEA!!!


Have you ever even had to look for a job to know how devastating it is to lose one?

And unemployment insurance is paid by employers.

[SpursWoman]

Well, do they have choice?It's either that or starve while they're job hunting.


It just dawned on me that you've got to be very young.


n/m

[ashbeeigh]

I love WaMu because my money was there instantly. I don't know how Chase is going to be. (Nor do I care...I"ll stay with Chase...I know people that work for them). I'm sure my bank will be closed because they are turning that damn Barnacle Bills into a Chase.

[CosmicCowboy]

Jeez TPark...I'M a fucking conservative but there isn't even a damn label for what YOU are...

[Many PackYao]

It just dawned on me that you've got to be very young.


n/mWhy?

[T Park]

Have you ever even had to look for a job to know how devastating it is to lose one?
And unemployment insurance is paid by employers.



Yes. As much as that will shock you people.

[T Park]

Jeez TPark...I'M a fucking conservative but there isn't even a damn label for what YOU are...

Oh my, im frightened.

[SpursWoman]

Why?


Most young people haven't made it to a point in their life yet where they have to figure out how the hell they are going to keep the house from being forclosed, utilities on, their car from being repo'd, and their families fed on 13 weeks of 60% or less of what they were making, which may or may not have been enough even then.

Not to mention, unless you can afford to tack on cobra for the health insurance benefits they just also lost ... there's something else that's now out of the window.

It's rarely ever, "Oh, no biggie ... I'll just find another one tomorrow." That might work for grocery baggers, but not often for senior level employees ... where there are fewer comparable jobs.

[Trainwreck2100]

i'd love to wake up and have to go on unemployment, yay free money.

[CosmicCowboy]

Oh my, im frightened.


It's not a matter of being frightened TPark.

It's just that some of the asinine statements you make in here really give conservatives a bad name.

[Los Spurs]

great lesson to everyone. when you have a bank giving away free shit and usually having the highest interest rates.... shit is going wrong...

WAMU became the worst company ever since the big lay-off in 2004.

I was part of that damn 1800 employee lay-off deal :depressed

[Many PackYao]

Most young people haven't made it to a point in their life yet where they have to figure out how the hell they are going to keep the house from being forclosed, utilities on, their car from being repo'd, and their families fed on 13 weeks of 60% or less of what they were making, which may or may not have been enough even then.

Not to mention, unless you can afford to tack on cobra for the health insurance benefits they just also lost ... there's something else that's now out of the window.

It's rarely ever, "Oh, no biggie ... I'll just find another one tomorrow." That might work for grocery baggers, but not often for senior level employees ... where there are fewer comparable jobs.
Yeah, good point.That's stuff I knew, but I guess I didn't give much thought because I live in an apt n not too many bills.I've also been with same job after I got out of the Army in '04.

[CosmicCowboy]

When a bank is bought out like this those "duplication" middle and upper level management jobs are just gone...Chase and all the other remaining banks already have those positions filled. Chase didn't do this deal for WAMU's San Antonio branches...they did the whole deal for the west coast branches where Chase didn't have penetration. I suspect a large portion of the SA branches are gonna be closed.

[PM5K]

It will be interesting to see what they do with the Stone Oak building.

I guess it's either going to be really good for San Antonio or really bad.

I know a lot of people that work over there work in Home Loans, and Chase won't be making the same mistakes WAMU did....

Also, in taking on all of WAMUs customers, they pretty much have to either keep some branches open, or hire some of the WAMU employees, they can't just take on all of those customers with the same ammount of branches and employees they already have, but I do imagine as Ashbee said that they will close the branch on the other side of IH-10 near De Zavala since there will be a brand new one where the Barnacle Bills used to be.

[spursfan09]

Jeez TPark...I'M a fucking conservative but there isn't even a damn label for what YOU are...

oh come on he is just kidding right? he can't really be that serious.

[T Park]

It's not a matter of being frightened TPark.

It's just that some of the asinine statements you make in here really give conservatives a bad name.


Oh my, message board cred.

[T Park]

oh come on he is just kidding right? he can't really be that serious.


Ahh the magic of message boards. :)

[CosmicCowboy]

I know the stereotype is that fat people are supposed to be jolly, but just because you are trying to lose weight it doesn't mean you have to do the opposite and act like an asshole.

[T Park]

I know the stereotype is that fat people are supposed to be jolly, but just because you are trying to lose weight it doesn't mean you have to act like an asshole.


Ah, personal shots, how adult.

[CosmicCowboy]

Not a personal shot at all. I commend you for losing weight. Just sayin that you can be thinner and still have some compassion and be a reasonably nice guy.

[T Park]

Not a personal shot at all. I commend you for losing weight. Just sayin that you can be thinner and still have some compassion and be a reasonably nice guy.

I do.

I find it horrible when businesses fuckup and its taken out on the their workers.

Its what drives me as a business owner to do the best I can so that my workers security is as close to gauranteed as possible.

I feel bad for the people, its am emergency merger that further worsens the economy and makes things worse for everyone.

I apologize if I came off as harsh, I need a vacation from the everyday doom and gloom that is our current economy. Scares the living shit out of me honestly.

[ChumpDumper]

I feel bad for the people, its am emergency merger that further worsens the economy and makes things worse for everyone.After last week's bank run, I think this deal is about the best that can be hoped for. It would have been a real disaster if the FDIC had to start running WaMu and pay back its depositors out of FDIC funds.

A lot of employees will be getting screwed and WaMu's shareholders have pretty much lost everything, but at least there is some more capacity to handle further failures (there have been 12 this year, apparently). Hopefully Wachovia gets bought out to avoid another huge failure.

[T Park]

After last week's bank run, I think this deal is about the best that can be hoped for. It would have been a real disaster if the FDIC had to start running WaMu and pay back its depositors out of FDIC funds.


Good point.

Its akin IMO to someone getting shot, being paralyzed from the waist down, but hey they are still alive.


Maybe not. I don't know :lol

[CosmicCowboy]

After last week's bank run, I think this deal is about the best that can be hoped for. It would have been a real disaster if the FDIC had to start running WaMu and pay back its depositors out of FDIC funds.

agreed.

WAMU was a gunslinger bank that lived off funny paper and high interest brokered deposits. It's been clear for years that they were living on the edge and were going to fall off eventually.

I was actually surprised JP Morgan took them, especially after getting indigestion from swallowing Countywide. This was a best case scenario in an awful situation.

[Shelly]

Tpark, unemployment is paid by the employer. You, as a business, owner, should be paying up to the first $7000 per employee for Federal and $9000 for Texas. That is, if you're paying them and taking FED, FICA, and Medicare out of their paycheck. If your employees are contract, then I'm assuming you send them a 1099 at the end of the year and don't contribute to UI.

I've seen employees we've laid off draw of our state SUI account, but never off FUI. When does that come into play?

[T Park]

Tpark, unemployment is paid by the employer. You, as a business, owner, should be paying up to the first $7000 per employee for Federal and $9000 for Texas. That is, if you're paying them and taking FED, FICA, and Medicare out of their paycheck. If your employees are contract, then I'm assuming you send them a 1099 at the end of the year and don't contribute to UI.

I've seen employees we've laid off draw of our state SUI account, but never off FUI. When does that come into play?

I do and do.

My uncle got busted back in the day for taking out the Fica but never turning it in.

He truly is an idiot.

I'm too much of a wuss to hide anything :lol My accountant shows and does everything above the table by the book.

I pay alot more, but hey, I can sleep at night.

[Shelly]

I do and do.

My uncle got busted back in the day for taking out the Fica but never turning it in.

He truly is an idiot.

I'm too much of a wuss to hide anything :lol My accountant shows and does everything above the table by the book.

I pay alot more, but hey, I can sleep at night.

Oh, they'll get you (generic you). It may take a while, but they eventually show up.

[T Park]

Oh, they'll get you (generic you). It may take a while, but they eventually show up.

Yup. Hence why I'm the wuss. I prefer to be wayyyy under the radar :lol

[CosmicCowboy]

Shelly, I THINK FUI comes into play when congress mandates extensions to the state limits for the time unemployment benefits can be drawn (like they are doing right now by trying to add 56 billion to the bailout) heres a link and details are on the second page.

http://thehill.com/leading-the-news/dems-seek-a-further-56-billion-2008-09-25.html

In "normal" time FUI is just another hidden tax that goes directly into general revenue like the "social security trust fund"

[CosmicCowboy]

Yup. Hence why I'm the wuss. I prefer to be wayyyy under the radar :lol

*desperately trying not to type a fat joke*

Sorry TPark, I couldn't resist.:p:

[T Park]

In "normal" time FUI is just another hidden tax that goes directly into general revenue like the "social security trust fund"


Insert money in toilet.

Flush toilet.


Same thing.

[Shelly]

Thanks, CC.

I'm the only employee in TX and our rate is low as is the FED, as you well know. But for CA, our rate is 6.2% up to the first $7K!

Don't get me started on what I have to pay to our unions...:lol

[T Park]

*desperately trying not to type a fat joke*

Sorry TPark, I couldn't resist.:p:


Under the radar, scale not whimpering when I stay on.

same thing :)

[CosmicCowboy]

Thanks, CC.

I'm the only employee in TX and our rate is low as is the FED, as you well know. But for CA, our rate is 6.2% up to the first $7K!

Don't get me started on what I have to pay to our unions...:lol

I've actually never had an unemployment claim paid on behalf of my company. Only had one file (on a fire for cause) and I kicked his ass at the hearing. I still have to keep paying those sumbitches though.

[Shelly]

We hire out of the union hall on as needed per job basis, so we lay people off all the time.

My field superintendent (who is an ironworker) says that most of his fellow brothers are one step ahead of the law! And they all claim married with 9 dependents. Plus, there's very few of them that don't owe the IRS and/or child support.

[CosmicCowboy]

We hire out of the union hall on as needed per job basis, so we lay people off all the time.

My field superintendent (who is an ironworker) says that most of his fellow brothers are one step ahead of the law! And they all claim married with 9 dependents. Plus, there's very few of them that don't owe the IRS and/or child support.

Yeah, and YOU are the one that has to check and make the appropriate deductions and pay the appropriate checks to the appropriate places and are a criminal if you don't.

What ever happened to personal responsibility?

[Shelly]

Yeah, and YOU are the one that has to check and make the appropriate deductions and pay the appropriate checks to the appropriate places and are a criminal if you don't.

What ever happened to personal responsibility?

Exactly. That kills me.

[pkbpkb81]

After last week's bank run, I think this deal is about the best that can be hoped for. It would have been a real disaster if the FDIC had to start running WaMu and pay back its depositors out of FDIC funds.

A lot of employees will be getting screwed and WaMu's shareholders have pretty much lost everything, but at least there is some more capacity to handle further failures (there have been 12 this year, apparently). Hopefully Wachovia gets bought out to avoid another huge failure.

is Wachovia in troble too

[ChumpDumper]

is Wachovia in troble tooOh yes.

[CosmicCowboy]

is Wachovia in troble too

Oh yeah.

The problem is that there aren't that many solvent big banks around that can bail out these shit banks. The good banks (rightfully enough) will be able to cherry pick the deals. There's another 75+ shit banks to go. The Fed hides the real exposure from the public to keep people from "running" the bad banks. I expect Wells Fargo to be a player in one of the next big deals if the terms are right. JPMorgan/Chase has a bellyfull right now to absorb.

[T Park]

Thank god I bank with Wells Fargo :lol

[Clandestino]

agreed.

WAMU was a gunslinger bank that lived off funny paper and high interest brokered deposits. It's been clear for years that they were living on the edge and were going to fall off eventually.

I was actually surprised JP Morgan took them, especially after getting indigestion from swallowing Countywide. This was a best case scenario in an awful situation.

bank of america took in countrywide, chase took over bear stearns

[Clandestino]

is Wachovia in troble too

52 week high about 53, closed around 10 today...yeah, i'd say so.

[PM5K]

Its what drives me as a business owner to do the best I can so that my workers security is as close to gauranteed as possible.


Aren't you the same idiot that was mad that the minimum wage was going up?

So you want their SHITTY jobs to be as close to guaranteed as possible??

[T Park]

Aren't you the same idiot that was mad that the minimum wage was going up?

So you want their SHITTY jobs to be as close to guaranteed as possible??



Way to twist what I said and believe.

[Shelly]

Citi just bought Wachovia (http://www.wric.com/Global/story.asp?S=9089707)

NEW YORK (AP) - The government says Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.

The FDIC says Wachovia didn't fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund.

The sale of Wachovia Corp. comes just days after the government's seizure of Seattle-based Washington Mutual Inc. - the largest bank failure in U.S. history.

Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. Its current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp.

In 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments.

[chreph]

World Savings screwed Wachovia so bad. Those old people made sure they took care of the employees they knew Wachovia was going to take it out on, though. :toast

Now we count down the days until that campus on 151 gets sold to Northwest Vista lol

[JoeChalupa]

I love my Credit Union.

[MrChug]

World Savings screwed Wachovia so bad. Those old people made sure they took care of the employees they knew Wachovia was going to take it out on, though. :toast

Now we count down the days until that campus on 151 gets sold to Northwest Vista lol

You're probably not too far off :toast