WaMu

Welcome to our community

Be a part of something great, join today!

Register Log in
ucatchtrout

ucatchtrout

Well-Known Member
Joined
Sep 15, 2008
Messages
1,461
Likes
47
Points
48
Washington Mutual is toast.

They are not going to open their doors tomorrow.
 
I never acted on this when I kept telling myself to.

So I have a couple small accounts with WaMu. Am I safe and how much papaerwork will it take to get the money out?

Any finance guys out there know?
 
Last edited:
ucatchtrout said:
Washington Mutual is toast.

They are not going to open their doors tomorrow.
Click to expand...

Where did you hear this? I haven't watched the news tonight but didn't hear anything earlier about WAMU not opening tomorrow.
 
This financial crisis is amazing. I think there will be a positive relationship between the number of these firms that fail and how much Obama wins in November. I think he is going to win big time now. What other firms are due to fall up? I heard there were 3 big ones on the verge of imploding, so I assume WaMu was one of them.
 
it's_GO_time said:
I never acted on this when I kept telling myself to.

So I have a couple small accounts with WaMu, under 100,000K for both. Am I safe and how much papaerwork will it take to get the money out?

Any finance guys out there know?
Click to expand...

Same for me. I believe each account is insured up to 100k and I believe they said that individual accounts up to 100k are fine
 
So I should go to my atm right now and get as much as I can??!?!??!?!?!?!?!?
 
So is my Debit Card not going to work tomorrow if they are closing their doors?
 
Fuck, I started a porn thread just to keep from thinking about it.

I think the only people who are going to have money soon are the illegals because they don't put it in banks. Lucky for me there are tons of them here that I can beg for change.
 
Morgan Stanley slumped more than 46 percent in early trading as investors fretted about its ability to quickly find a buyer or cash infusion from a foreign investor. Rival Goldman Sachs Group Inc. skidded 25 percent.

Morgan Stanley shares rallied to close up about 4 percent while Goldman Sach's stock was lower by almost 6 percent. And Washington Mutual Inc. shares soared more than 48 percent.
Click to expand...

Wouldnt that mean they are okay for at least another day?
 
DaRizzle said:
Wouldnt that mean they are okay for at least another day?
Click to expand...

No. It means investors today thought that WaMu was less likely to go belly up than they had collectively thought the previous day. Obviously they were either wrong yesterday or wrong today, or both.

barfo
 
At the store today lots of people were using WaMu debit cards. Wonder if I can use mine tomorrow :dunno:
 
BG7 Lavigne said:
This financial crisis is amazing. I think there will be a positive relationship between the number of these firms that fail and how much Obama wins in November. I think he is going to win big time now. What other firms are due to fall up? I heard there were 3 big ones on the verge of imploding, so I assume WaMu was one of them.
Click to expand...

Luckily Barack Obama stood strong against the poor management of Fannie Mae and Freddie Mac...oh, wait...nevermind.
 
Well I took at all the money I could from the atm and cash backs...which wasnt much due to limits on atm withdrawls :sad:
 
Tortimer said:
Where did you hear this? I haven't watched the news tonight but didn't hear anything earlier about WAMU not opening tomorrow.
Click to expand...

From a client who owes me money and uses WaMu. He asked me to come by and pick up a check for what he owes me and take it to the bank and cash it. I went to WaMu at a few minutes before five yesterday and they confirmed they will not be open today. They weren't sure what was happening but seemed to think someone was buying them out. I heard US Bank, but I'm not sure. Rumor was they would reopen Monday. Accounts are federally insured up to one hundred grand so everyone should be okay... and eventually get their money. But I had twenty five hundred coming to me and I wanted the cash, and to not take any chances.
 
ucatchtrout said:
From a client who owes me money and uses WaMu. He asked me to come by and pick up a check for what he owes me and take it to the bank and cash it. I went to WaMu at a few minutes before five yesterday and they confirmed they will not be open today. They weren't sure what was happening but seemed to think someone was buying them out. I heard US Bank, but I'm not sure. Rumor was they would reopen Monday. Accounts are federally insured up to one hundred grand so everyone should be okay... and eventually get their money. But I had twenty five hundred coming to me and I wanted the cash, and to not take any chances.
Click to expand...

Really good info. Thanks
 
barfo said:
No. It means investors today thought that WaMu was less likely to go belly up than they had collectively thought the previous day. Obviously they were either wrong yesterday or wrong today, or both.

barfo
Click to expand...

Speculators expecting WaMu to be bought out by another company.
 
I work in finance, I'm pretty familiar with what's going on.

They definately won't close until any chance they have of selling the company is gone. Right now it looks like either Citi or Wells are considering buying them. In the past 8 or so months, Citi has raised 50B in capital fueling speculation that they might be buyers, especially at a huge discount. The problem is those funds are assumed to be to cover additional losses coming in the 4th quarter. Also, as recent as a year ago, it was assumed that their model was flawed. They sold off Travelers Insurance and stated they wanted to get closer to their customers and focus on banking. If anything I think they will sell Smith Barney before making any more aquisitions.

Wells is a posibility, but I can't see them buying WAMU completely- maybe only the retail banking, although Wells already hase a huge presence on the west, where why WAMU their biggest. WAMU was definately among the worst of the mortgage companies with their creative, pick-a-pay loans. I think the chances of a sale go way up if they are able to pawn off the bad debt to a government trust and only sell the good assets. Although if they are able to get rid of the bad mortgages, why would WAMU even want to sell, especially at such a cheap price.

They haven't been rumored to be interested but with the luck BofA has has with their aquisitions of Countrywide-being able to get rid of bad debt- and Merrill- buying for almost nothing- I can see them getting a little greedy and pressing their luck on WAMU. But then they would be extremely leveraged and getting very close the the flawed Citigroup model.
 
Last edited:
WarriorFan said:
I work in finance, I'm pretty familiar with what's going on.

They definately won't close until any chance they have of selling the company is gone. Right now it looks like either Citi or Wells are considering buying them. In the past 8 or so months, Citi has raised 50B in capital fueling speculation that they might be buyers, especially at a huge discount. The problem is those funds are assumed to be to cover additional losses coming in the 4th quarter. Also, as recent as a year ago, it was assumed that their model was flawed. They sold off Travelers Insurance and stated they wanted to get closer to their customers and focus on banking. If anything I think they will sell Smith Barney before making any more aquisitions.

Wells is a posibility, but I can't see them buying WAMU completely- maybe only the retail banking, although Wells already hase a huge presence on the west, where why WAMU their biggest. WAMU was definately among the worst of the mortgage companies with their creative, pick-a-pay loans. I think the chances of a sale go way up if they are able to pawn off the bad debt to a government trust and only sell the good assets. Although if they are able to get rid of the bad mortgages, why would WAMU even want to sell, especially at such a cheap price.

They haven't been rumored to be interested but with the luck BofA has has with their aquisitions of Countrywide-being able to get rid of bad debt- and Merrill- buying for almost nothing- I can see them getting a little greedy and pressing their luck on WAMU. But then they would be extremely leveraged and getting very close the the flawed Citigroup model.
Click to expand...

The problem with any of those companies buying WAMU is branch %. Unless the Fed is going to suspend their normal rules, any of them purchasing WAMU is going to have sell off a lot of branches
 
cpawfan said:
The problem with any of those companies buying WAMU is branch %. Unless the Fed is going to suspend their normal rules, any of them purchasing WAMU is going to have sell off a lot of branches
Click to expand...

Right, for Citi that wouldn't be an issue but for BofA and Wells they would pretty much be buying the deposits. They've already got a branch on every corner, it wouldn't be efficient to keep most the WAMU buildings open.
 
I can't find any stories on WaMu being closed today? Is this a legit story?
 
FWIW WaMu was open today and I was able to take the majority of my money out and opened a new account with Wells Fargo.

What I was hearing from WaMu people is that worst case scenario they get bought out and go about their business.

Wells Fargo associates told me they were hearing that if WaMu isn't bought out over the weekend then they wil have their doors closed monday.

Take it for what its worth:dunno:
 
JFizzleRaider said:
Wells Fargo associates told me they were hearing that if WaMu isn't bought out over the weekend then they wil have their doors closed monday.
Click to expand...

Interesting. Isn't Wells Fargo one of the primary contenders to buy WaMu?
 
You must log in or register to reply here.

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top