WaMu becomes biggest bank to fail in US history

As a former victim of Providian/WaMu's f@#k the consumer business practices, I have to say that this one actually feels good. How does it feel to have your predatory a$$e$ hung out to dry, @!$%#es?

Amid all the gloom and doom, it's actually satisfying to know that some of these @!$%#es might be feeling a fraction of the pain that they have inflicted with callous disregard for anyone but themselves.

maybe this is why they needed the 700 billion so quickly? JpMorgan is gonna make a ton of money off this trust me.

maybe we should let the markets devoure each other...its cheaper anyway. Thats when assests become cheap...AFTER the failure...although am sure some fat cats lost a bundle on WaMu...oh well i wasnt invested with them lol

The deal will cost JPMorgan Chase $1.9 billion, and the bank said in a statement it planned to write down WaMu's loan portfolio by approximately $31 billion. JPMorgan Chase, which acquired Bear Stearns Cos. last March, also said it would sell $8 billion in common stock to raise its capital position.

The FDIC, which insures bank deposits, said it would not have to dip into the insurance fund as a result of the seizure.

sounds like JpMorgan should be allowed to buy up all the toxic debt...they seem to want it. could be smart and drop the interest on every failing mortgage and make a ton of money...if they took the paper..wrote down the interest to say 3% very nice incentive for people to keep thier homes..they would be making a solid 3% interest over 30 years..house regain value over time...they sell them for a profit.

hell let JP morgan be the new fannie and freddie

acutally i think the banks need to fail for this to work...thats what actually happened with the RTC..and people who had more than 100k in one account and didnt spread it out knowing that banks were in trouble deserve to lose...pain in the ass to do..i now have 3 banks and and several other assets spread out all over.

No bailout, let them all fail and let the chips fall where they may.

what is the real fallout of the bailout? well, jp morgan, chase and berkshire hathway are two that come to mind. of course, japan has bought lehman bros euopean and middle east operations intact. while, yes, the so-called free market should let the dominos fall and let them lie there, too, the other story has not yet emerged.

between the bickering parties, there are those banking entities that, already giants, are,via their bargain basement purchases today of yesterday's goliaths, now gargantuan banking monopolies. that the resources of capital are in the hands of so few does not bode well for free market enterprise. where's the competition going to come from? and, what next? will faltering bank of america become part of morgan chase, too? will warren buffett snap it up thereby becoming overnight the latest mega-banker of the hour?

herein lies the consequences of the bailout and the attendant kneejerk reaction to clear it up. but at what price exactly willl lit cost to us just for getting swept out from beneath the carpet? vultures of all stripes national and international are hovering to pick the carcass while some meat still remains of its bones.

we seem not to be paying attention. have we not learned that for every balance there is a counter balance?seems we've decided to sweep deregulation, scrutiny and federal oversight under another carpet and deal with it later instead of deciding on how we might put in place better measures to help prevent a future reoccurrence. i wager that once the table is cleared the remains of the day will come back to haunt us tomorrow.

well now as a counter proposal i'd like to suggest the following agenda.i propose that we give the mafia10 billion dollars ,a list of all the top executives and brokers involved and amnesty to go get the truth.first we know the mafia are crooks,we also know they never lose money,and by paying them to question all parties involved,we know they'd find something.it's a better idea than giving 700 billion to a political hack and the head of the fed. reserve as i'm fairly positive that he is just as guilty as his crony friends on wall street.i'd also like to suggest that company ceo's be paid not one cent more than 500 times the amount as the lowest paid employee,that thier bonus be directly tied to a companies performance,with a mandatory retirement of 2/3 of thier best 5 year as ceo.that proxy votes be polled to prevent a companies board from rubber stamping ceo performance.it's time to get back to honesty,integrity,and justice in America.this could not have happened in the 50's,when the world looked at our leaders,both political and financial as models of ethical morality,and not as corrupt demi-gods with no more honor than a common whore.well thats my thought on that ,

So, once again after fighting with WaMu about bad loan decisions, that I should be removed for the overall pile of dead loan with no possible recovery, folks already months in the rears etc., then there were the loans in the same pile that needed to be reviewed for potential help or assistance and worked out, and finally guys like me that made every payment on time, in full, but they said they are taking them all off the top of the pile as they work through this situation, no exceptions. It took truly covert tactics to get to the guys at the top, there was one 800 number and you never could get somebody to answer a question, they refused to refer it to a supervisor, and never gave up a corporate customer service persons name or phone number. I only was able to get them to listen by reading all the articles I could via the internet, and get names then act like I was a friend of business person that had business with the bank, you know VIP, (in reality I did have business and as it seems maybe more of the little guys like me were VIP's had WaMu taken action). Again, after pounding them for 9 months at a depletion of my funds as well at $3413., a month, never late and an interest rate of 8.9%, they finally... after me calling their corporate office and visiting every office and VP they had in town, they in August 08 almost a year later, adjusted my good standing to a win/win not greed situation. I pay them 3.1 percent for the first year of the loan amount which reduced the loan payment to $1914. as they were probably paying for their money at a rate of 2.1, not a huge profit for them but it allowed them to make some money and me to keep my house and the loan current. I predicted and told everyone at WaMu I talked to, that if they didn't change their ways of handing the reality of the realty and people and work with situations, they would fall hard, and I got no way we have plenty of reserves, now this! It's hard to get my head around their positioning like currently with government... if they give these old boat anchors of Corporate America the Bailout, you know they are going to take it, pass it around amongst themselves, do nothing for us and run with it... oh and I am sure a few of our politicians will have something in their pockets too for their fine efforts of diverting the real deal, and to tell us to be very afraid... everyone, we are going to save you from yourselves. Yes the same guys that cause this mess the crooks that took this country down the day the Bush Administration took over the Clinton White House with about one trillion dollars in reserves, and a projection if they stuck to the plan of 6 trillion over 5 years, not to mention houseing and job were very healthy, the economy was great, lenders were not making silly deals, the balance was getting better for offshore American companies to hold fast on not to much selling off of American commerce, and jobs with a reasonable return were to be had, we didn't have several wars known and secret, the Russians were not restarting their military USSR mind set as they are at this time, and this list could go on. So, I am so confused as to why the people of this country allowed 8 years of the current administration... to allow what they did politically and to allow and encourage Corporate American to sell the people off like slaves to their whims? To terrorize the population though certain known situations and completely diverted and make up bad policy, to basically blindfold the country while they and Corporate American pillaged the countryside, what did it do to make anything better? This will go down in the history books like some awful Stalin dictatorship, or bad on top of bad administration, and that pretty much includes all of the politicians. I just don't know how they honestly believed they could pull this off and not eventually get caught with their hand in the cookie jar?

I just don't know how they honestly believed they could pull this off and not eventually get caught with their hand in the cookie jar?

because all they needed was a few scare tactics and diversions come election time and all was forgotten...the American people voted for these people like sheep and now they're wondering where all their wool has gone...

a bit verbose, Le, but yea, it sounds like the corporate culture to me