Seems like Washington Mutual "WaMu" went down also.

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CHAPO GUZMAN

CHAPO GUZMAN

Sicc OG
#5
Jan 5, 2006
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whew.. i dodged a bullet there, i was going to sign up like 6 months ago.

but they basically just changed ownership.. everything is the same just not the ownership.

I think ill stay with Bank Of America for now.
 
BOOBOO619

BOOBOO619

Sicc OG
#6
Apr 26, 2006
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#6
Will the workers lose their jobs? Will the Wamu name still be there?






Seriously though, they failed because they tried to be cool with the whole "WaMu" abbreviation. That shit alone is gay.
 
CHAPO GUZMAN

CHAPO GUZMAN

Sicc OG
#11
Jan 5, 2006
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i was thinking of switching to wachovia.. but now that i remember.. the bank of america branch i originally signed up at.. was the first BofA branch in this area.. they also survived the great depression back in the late 1920's
 
kayvee

kayvee

Sicc OG
#13
Nov 20, 2005
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Mr. Rictus said:
I hope Wells Fargo goes next
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i doubt it.

BOOBOO619 said:
Wonder if anyone was dumb enough to lose over 100K.
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they could have, but

Essentially, the FDIC insures deposits in several "ownership categories," which means you may actually be insured beyond the $100,000 limit you most often hear about. For example, single accounts in your name are covered up to $100,000 per bank. Joint accounts are a separate category and also get their own $100,000 of coverage per person per bank.

So if you and your wife have a joint savings account with $300,000 in it, $200,000 of that account is insured. Retirement accounts - which must be an actual retirement account, such as a IRA, SEP, etc., not just an account you consider part of your retirement savings - are covered for up to $250,000.

These limits apply only to bank deposits.
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PoLLo LoC831 said:
i have over 2 g's in da bank i guess i have 2 take it out n look 4 a new bank....
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In the biggest bank failure in U.S. history, the Federal Deposit Insurance Co. seized Washington Mutual's assets Thursday. The FDIC then quickly sold most of WaMu (that's assets and liabilities) to JPMorgan.

Simply put, WaMu was victimized by a classic "run on the bank." Customers withdrew $16.7 billion in a 10-day period following the bankruptcy of Lehman Brothers, leaving WaMu "with insufficient liquidity to meet its obligations," its regulators determined.

A longer explanation is WaMu was victimized by mismanagement and misguided bets on exotic (and toxic) instruments such as option adjustable-rate mortgages.
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~k.
 
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