WaMu......NoMo?

[marmar]

from the NY Times:



Washington Mutual Feels Big Pain Too
September 10, 2008, 4:30 pm



Washington Mutual, the country’s biggest savings and loan, watched its stock fall almost 30 percent on Wednesday to under $3 a share, signaling that the company’s recent executive shake-up may not have been enough to placate anxious investors, writes The New York Times’s Michael M. Grynbaum.

Over the weekend, Washington Mutual replaced its chairman of 18 years, Kerry K. Killinger, with Alan H. Fishman, in response to losses stemming from problems related to subprime mortgages and soured credit card loans.

Acquisition talks have fallen through and the company had its credit rating cut by Standard & Poor’s, the big ratings agency, earlier this week. The cost to insure the company’s debt rose to a record-high, a sign that investors are increasingly nervous about the company’s ability to pay back its loans.

By 2:30 p.m., Washington Mutual stock was trading at $2.71, after hitting $2.55, its lowest level since 1991. Shares of other banks were also hurting, with Merrill Lynch off 6.5 percent and shares of Citigroup trading down nearly 2 percent. ......(more)

The complete piece is at: http://dealbook.blogs.nytimes.com/2008/09/10/washington-mutual-feels-big-pain-too/

[opiate69]

1. Wonder what would happen with my WaMu credit card..

if they went under??

[Demobrat]

2. The credit card accounts will be sold

and you'll start making your check out to somebody else. That's all.

[Cleita]

6. Damn, one of my credit cards is theirs.

I guess my interest rate is going way up.

[yellowdogintexas]

8. their credit card servicing center is getting ready to hire here in FW

for what that's worth

[opiate69]

17. Oh well..it's only a $250 limit anyway.. and we're always on top of it, so no biggie.. thanks

[Dukkha]

4. I'm sure JP Morgan Chase will acquire them

They've been expanding at an exponential rate.

[marmar]

12. Words cannot describe my contempt for Chase........

...... I just got rid of their usurious credit card, closed my bank account and sent them a letter detailing how much they suck.

I now have an account, temporarily anyway, at Bank of America, no prize itself. I think I'm ready for a credit union.

[Jackpine Radical]

16. I've been doing credit unions for years.

I currently belong to 2. I have my business accounts, IRA CDs, just about everything in CUs. The only exception is a large CD that is in a bank that used to be a CU. They've always been decent to me & have good interest rates, so I didn't move my money out when they changed their organizational structure.

Try it. You'll like it.

[Dukkha]

20. I'm right there with you

I hate Chase with a passion and I am stuck working for these fascist pigs that are making my life miserable. Being on the inside I see how corrupt and bureaucratic their credit card division is.

I also have a BofA card I want to get rid of because the account was formerly MBNA who drafted the infamous bankruptcy bill and were the largest contributors to the * 2004 campaign.

[Sebastian Doyle]

3. Looks like I got out of there just in time.

Now as long as the credit unions stay operating.....

[yellowdogintexas]

11. truly, we are totally credit union bankers. nt

[Mike Nelson]

5. Yikes!

This is my bank

[eshfemme]

7. Wow... that kinda sucks because they seemed like they had some good services.

Now I'm worried about my banks... I'm more scared than ever about what will happen if we continue to have Republicans in control... McCain and Palin's extreme ignorance when it comes to the economy will just bring us all to the gates of hell and beyond.

[RB TexLa]

9. Buy. They will either rebound or someone will buy them and you'll be paid a premium.

[stillcool]

10. This just kills me...

Over the weekend, Washington Mutual replaced its chairman of 18 years, Kerry K. Killinger, with Alan H. Fishman, in response to losses stemming from problems related to subprime mortgages and soured credit card loans
---------------
Mr. Killinger could walk away with an exit package worth as much as $23.5 million, according to an analysis by James F. Reda & Associates.

[Cerridwen]

13. Not to worry...

Mr. Killinger {its chairman of 18 years} could walk away with an exit package worth as much as $23.5 million, according to an analysis by James F. Reda & Associates.

We reward failure of a certain class then wonder why they fail.

*sigh*

[vixengrl]

14. Wow, a savings and loan debacle--

well, wouldn't that just make John McCain in his element. Bank failures= GOP at large and in charge. Or so it certainly seems.


Quick ad: content= "The financial world is in turmoil, and people want to know the solution--do they side with part of the problem";

montage--McCain, Keating, Moneybags, Phil Gramm (flash quote on "Whiners"), Enron, Mortage bubble--housing crisis--see people leaving their nice single home in the 'burbs with a white picket fence--"Mourning in America"--

"or do you want a solution?" Barack Obama, shown in a neighborhood setting shaking hands and so forth. "Do you want change?"

[Lydia Leftcoast]

15. They expanded too fast

I remember when they were strictly a Pacific Northwest bank. All of a sudden, I was getting their credit card solicitations here in Minneapolis at the rate of three a week.

[FlyingSquirrel]

18. They can suck off. They laid my wife off and jacked my Providian card

interest up. They outsourced customer service to India. Fuck 'em

[beac]

19. I guess all those annoying 'Whoo Hoo' ads they were running lately really meant

"Whoo Hoo! We're f-ing up left, right and center-- but WHO CARES 'cause we're the FUN f-ups! Whoo Hoo! Whoo Hoo!!!!!"

[Dora]

21. Well what the hell did they expect when they expanded like Krispy Kreme?

They knew this would happen. They chose to ignore it.