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  #1  
Old 07-14-2008
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Default WAMU to fail?

Business & Technology | WaMu shares dive nearly 35 percent | Seattle Times Newspaper

They are taking huge losses on their mortgage business. The talk is that have not set adequate loan loss reserves and they need new capital to survive, tough to get with share price cratering..

What with the Indy Mac failure other possibilities are Wachovia and Citi.

I might just withdraw some money from my WAMU account today.
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Old 07-14-2008
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Just don't keep over 100k there and you'll be okay.

I'm somewhat worried about Bank of American though, it's my main bank.
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Old 07-14-2008
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Yeah, they got screwed on the Countrywide takeover.

However, on the 100k, The IndyMac failure will cost the FDIC %15 of reserves.

The failure of big bank like WAMU or BOA would wipe that fund out, and you would waiting for your money while the FDIC went to congress for more $$$ to cover their guarantees.
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Old 07-15-2008
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an interesting blog post on the FDIC.

The FDIC has 52 billion available and they will have to use between 8 and 4 billion of that on INDYMAC. Plus INDYMAC had over a billion $$ in deposits above the 100k mark that are NOT insured. the FDIC is looking very shaky if there is another big failure.

IndyMac Failure - Test of FDIC Insurance - Seeking Alpha
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Old 07-25-2008
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Something interesting about wamu that has come to light. Recently the SEC enacted a rule that certain important finacial stocks could not be shorted naked. Among the companies Fannie mae , Bank of America, Merrill lynch, Citi.
after the rule chnged all those had huge jump.

But conspicuously left off the list ----- Wamu and Wachovia !

What are they saying, it is okay to naked short wamu but not their competitors like citi and BOA ? BS, wamu is getting screwed here. Watch for them to fail before the year is out, they are getting no help from the fed or the SEC.
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Old 07-29-2008
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See, what did I say.... keep yout money in the matress... and make everyone pay you in CASH!!!! I have found a few plummers, repair guys, tree trimmers, all who prefer cash, plus they give a discount for cash.
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Old 09-09-2008
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Wamu just fired their CEO and the down lo is that need to raise another 7 billion to stay solvent. Tick Tock, bye bye wamu ?
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Old 09-09-2008
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I have been moving all my Accounts out of WAMU for the last month and closing them.
I only have 2 left there. I need them to stay alive for at least another 37 days.
I am moving all of my accounts to BOA.
Hope BOA stays floating for a while. I have no idea where to go if they go belly-up.
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Old 09-18-2008
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I just saw this update on WaMu (dated September 18, 2008): WaMu for sale

Quote:
But to reflect just what bad shape WaMu is in, and how quickly it got that way, on Sept. 17, 2007, WaMu closed at $35.96. The stock has dropped 94 percent from then to Wednesday's close.
.

Last edited by Quasi_Mojo; 09-18-2008 at 05:21 PM.
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Old 09-19-2008
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today's local paper says the US government is going to help out banks by giving them tons of money to keep them from going under. so maybe this isnt the end for wamu?
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Old 09-19-2008
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Wamu isnt going away. I just bought stock in wamu a few days ago and Im already up almost 2 dollars a share. If you are looking for a long term investment I would suggest looking into financial stocks. They are down now but it wont stay like that forever.
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Old 09-25-2008
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Bad News Yahtrick, Your money just went Poof!

WAMU was just closed by the FDIC

WaMu is largest U.S. bank failure - Yahoo! News

All the common stock is now worthless, I am on the way to clean out my account. I reduced my account tounder $500 so I could take it all by ATM.

I will post again to let you if their ATMs are still working.
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Old 09-25-2008
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As of 8:50 pm west coast time the WAMU ATMs are still working
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Old 09-25-2008
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R.I.P WaMu...
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Old 09-26-2008
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Ya. Bad call on my part. But it looks like an inside job. The fdic seized the bank and an hour later jpmorgan bought it. Same thing happened with bear sterns. Looks like no other banks are getting invited to the feds after hours fire sale.
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Old 09-26-2008
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^^^^^^^^^
I hear you on Apple.
It has been dropping a lot lately but I won't sell it.
Got it at 85...
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