Did WaMu Get Sold?

[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 up 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 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

[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 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 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

[CosmicCowboy]

S y, 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/...008-09-25.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

*desperately trying not to type a fat joke*

Sorry TPark, I couldn't resist.

[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...

[T Park]

*desperately trying not to type a fat joke*

Sorry TPark, I couldn't resist.

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...

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 sum es 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 too

Oh 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 banks. The good banks (rightfully enough) will be able to cherry pick the deals. There's another 75+ 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

[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 TY 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 TY jobs to be as close to guaranteed as possible??

Way to twist what I said and believe.