WAMU: Largest Bank Failure in US History Video!

I owe WAMU like 4 grand on a credit card.... Do I owe Chase now?

A major run on the banks is very likely now, this is getting very ugly!

does NOT take place as JP Morgan is banking on? Whoops !! Bad buy because we will not be bailing out the junk. Also, is FDIC going to get their planned loan or bailout to cover WAMU? Things seem to be accelerating beyond their control.

and any companies they own now is the time to hit them we should put a run on these crooks and boycot any company they have an interest in. I would rather another bank move up than have these creeps. They want to cause fear I say we give them fear. They want to make threats I say we follow through with action. They want a crashed system I say we give them one. It is our economy after all not theirs. Its time we put these jokers in their place.

is it just my imagination or did the world NOT end? A headline, FDIC covers deposits, to the extent the physical assets have real value they will be sold, some people will move forward with a new bank, some won't (been there, done that), etc. Management made errors (or whatever happened), workers and investors paid the price...same old story. Call me an optimist, but I expect the sun to rise tomorrow.

you think I can still get a hold of my equity line of credit with wamu or is it gone. I haven't touched it and was thinking of buying a house with some of this line of credit.

https://online.wamu.com/banking/offers/campaign001/landing/c...

To Our Valued Customers:

September 22, 2008

As WaMu’s new chief executive officer, I am writing to discuss the extraordinary economic environment for all banks in the United States and why you can count on us to continue to serve you safely and soundly.

When I was recently approached about the opportunity to lead this great company, I did my homework to satisfy myself that WaMu has the capital, the liquidity, and the business plan to serve your needs and protect your money through these challenging times.
Let me explain why I felt good about joining WaMu.

All financial institutions have been affected by the turmoil in the mortgage and financial markets, but WaMu is very different from the investment banks, such as Bear Stearns, Lehman Brothers and Merrill Lynch, that you may have read about. Those firms have very different sources of funding than we do. WaMu’s business is funded largely through the deposits that customers like you put with us. We also borrow billions of dollars from the Federal Home Loan Banks system.

Most importantly, your deposits are insured to the limits established by the Federal Deposit Insurance Corporation (FDIC). (WaMu partners at your local WaMu store are happy to work with you to maximize your FDIC insurance coverage.)

Capital ratios describe the financial strength of a bank. Our ratios continue to be well in excess of the levels that government regulators require of “well capitalized” institutions. We also have an ample supply of funds on hand to meet your needs and the needs of our other customers and our day-to-day operations.

These strengths, combined with our tradition of superior products and services, are why we continue to welcome new customers every day.

I also expect that comprehensive and constructive plans recently announced by the government will shore up confidence in the U.S. banking system considerably. These plans, if approved by Congress, would remove up to $700 billion of troubled assets from the balance sheets of American financial institutions. There are also provisions to protect financial companies from disruptive rumors and speculation that are fueled by abusive stock trading practices.

Other government actions are already underway and are expected to lend even more security to the nation’s financial system. The Federal Reserve announced that it will open its discount window to financial institutions to enable them to purchase certain assets from money market funds. This provides increased financial flexibility. The Federal Reserve also recently granted requests from Goldman Sachs and Morgan Stanley that will allow them to take deposits, thereby increasing the resources available to both companies. A more stable national financial system is good for WaMu and good for customers.

I came to WaMu because I think it is a great bank with a strong franchise and a solid financial position. We take very seriously our role as the stewards of your hard-earned money. I want to personally thank you for your loyalty and the opportunity to serve your needs.

Sincerely,

Alan Fishman
Chief Executive Officer

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Federal Reserve to the American People:

"Catapultam habeo. Nisi pecuniam omnem mihi dabis, ad caput tuum saxum immane mittam."

What do I do if I bank with WaMu but have less then 100K in the bank?

~We are the Revolution~